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J. M. Keynes's general comments made on pp. 275-276, pp. 297-298, and p.305 of the General Theory concerning the relationship between mathematics and economics has been very severely misinterpreted by economists in general for the last eight decades. Hundreds of commentators have cited these...
Persistent link: https://www.econbiz.de/10012947454
J. M. Keynes based the ethical foundations of the General Theory on a type of Virtue Ethics that he had learned from G. E. Moore. Keynes himself reinforced his understanding of Moore's version of Virtue ethics with extensive readings of the works of Plato and Aristotle. Keynes was one of the...
Persistent link: https://www.econbiz.de/10012947700
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
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
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
Historical, as well as practically all current, assessments of J M Keynes's A Treatise on Probability suffer immensely due to the failure of the readers of that book to cover Part II of the Treatise. As acknowledged by Emile Borel in his 1924 review of the A Treatise on Probability, this part of...
Persistent link: https://www.econbiz.de/10012949978