J M Keynes's clear and exact statement describing the elasticity of his LP (LM) equation can be contrasted with the complete and total failure on the part of the economics profession, for the last 82 years, to grasp what it was that he was talking about. Keynes's statement on page 207, that "The...

Ramsey's failure to grasp the interval valued and non additive nature of Keynesian probability assessments in the A Treatise on Probability has led to the misbelief that Keynes's approach was an ordinal one. While Keynes's approach easily handles ordinal probability, the theory of the Treatise...

J M Keynes discussed a number of simplifications of his D-Z model in chapter 21 of the General Theory that were comparable to the completely (infinitely) elastic range and synthesis ranges of the standard AD-AS model that is provided in Principles and Intermediate macroeconomics textbooks in...

The belief that Hicks generalized Keynes's General Theory with his IS-LM model is contradicted by Keynes's own, explicit IS-LP(LM) model that was presented in Chapter 21 of the GT. This erroneous belief is based on a misreading of Chapter 13 of the General Theory that only considers Keynes's...

Joan Robinson did not understand the connection between Keynes's concept of the weight of the evidence from the A treatise on Probability and the concept of the weight of the evidence from the General Theory. She mixed up Keynes's concept of uncertainty, which is based on missing evidence or...

The myth or story regarding the creation of the IS-LM model in the economics profession goes something like this. Keynes correctly showed in the General Theory that you could not specify the rate of interest just from the supply of savings and demand for investment schedules alone because this...

Mathematical innumeracy, ineptness, illiteracy, and confusion has been endemic in the economics profession since 1936 when the specific case of economists attempting to read Keynes's General Theory is examined. Three economists will be studied–Gottfried Haberler, Ralph Hawtrey, and Joan...