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On J. M. Keynes's 1936 Suggestion of a Keynes-Neoclassical Synthesis to Harrod and Hicks : Why It Fell on Deaf Ears
Brady, Michael Emmett - 2017
In 1936,Keynes suggested to both Hicks and Harrod that a synthesis between his mathematical model and the neoclassical model was possible. Keynes never received any written response from either Hicks or Harrod on his suggestion during his life time. It was left to Paul Samuelson to institute...
Persistent link: https://www.econbiz.de/10012948201
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How J M Keynes's Mathematical IS-LP (LM) Model in the General Theory in Part IV of Chapter 21 Was Overlooked by the Economics Profession
Brady, Michael Emmett - 2017
Keynes created, developed, taught and applied his version of the IS-LM model between Dec. 1933 and February 1936 when the General Theory appeared in print. Keynes used a terminology that substituted Liquidity Preference (LP) for the later designations used by Hicks, LL, and Hansen's LM. The...
Persistent link: https://www.econbiz.de/10012948500
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J M Keynes's Non (Sub) Additive, Interval Valued Approach to Probability is the Foundation for Both Keynes's Weight of the Evidence Analysis in the A Treatise on Probability and His Uncertainty Definition in the General Theory
Brady, Michael Emmett - 2017
It is a straight forward exercise to demonstrate that the concept of the weight of the evidence in the A Treatise on Probability and the concept of uncertainty in the General Theory both follow directly from Keynes's analysis and application of Boole's development of the concept of upper and...
Persistent link: https://www.econbiz.de/10012948978
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J M Keynes's Evidential Weight of the Argument, V(A/H),Which Applies to Arguments, is Different from the Weight of the Evidence, W, Which is a Measure of the Completeness of the Information, Data, Evidence, or Knowledge in the Premises, H
Brady, Michael Emmett - 2017
Keynes's V(a/h) relation, first presented on p.72 of chapter 6 of the A Treatise on Probability (1921), represents the Evidential Weight of the Argument from h to a. H and a are related to each other and can't be separated. V relates two sets of propositions, a and h. H is the premises and a is...
Persistent link: https://www.econbiz.de/10012949256
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Comparing Keynes's Mathematical IS-LP(LM) Model from His Student Lectures in 1933 -1935 with the Mathematical IS-LP(LM) Model in the General Theory in Chapters 15 and 21 : The Model is All There in the General Theory in Chapter 21
Brady, Michael Emmett - 2017
J M Keynes's IS-LP(LM) model was first introduced in his December,1933 -1935 student lectures. Keynes's IS-LP(LM) model in the General Theory is contained in chapter 15 on pp.199-203, 208-09 where it is summarized and briefly analyzed. It is more comprehensively analyzed in chapter 21 on...
Persistent link: https://www.econbiz.de/10012949865
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How Confusing Keynes's Normative Decision Theory in the a Treatise on Probability and General Theory with Kahneman and Tversky's 'Heuristics and Biases (Errors)', Descriptive Theory Leads to Complete Confusion
Brady, Michael Emmett - 2017
Economists, working in the Heterodox schools of economics, have severely confused Keynes's interval valued probability–weight of the evidence approach to decision making from the A Treatise on Probability, that Keynes integrated into the General Theory by way of his definition of uncertainty...
Persistent link: https://www.econbiz.de/10012950042
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On J M Keynes's Clear Cut Discussion of Interval Valued Probability in Chapter III of the a Treatise on Probability
Brady, Michael Emmett - 2017
In chapter III of the A Treatise on Probability, Keynes made it very clear that ordinal, qualitative probability did not apply in many cases. Further, ordinal probability was very weak as far as providing useful information upon which a decision maker could act. However, this did not mean that...
Persistent link: https://www.econbiz.de/10012950375