Keynes had completely developed the Logical Theory of the Multiplier in his A Treatise on Probability in 1921 in chapter 26 on page 315 and in footnote 1 on page 315. This same analysis appears in his second, 1908, Fellowship Dissertation at Cambridge University. Keynes, however, had no interest...

Dennis Robertson had no understanding of how J M Keynes's Multiplier concept was based on the use of differential calculus techniques that required one to take the mathematical limit of an infinite, decreasing, geometric series. Robertson failed to see that the derivative concept requires that...

J. M. Keynes versus D. Robertson in 1936-37 pits two opponents, one, J. M. Keynes, a highly skilled, sophisticated, mathematically advanced thinker against another, D. Robertson, who doesn't have even an elementary background in mathematics at the grammar school level. Basically, the...

O Lange's failure to read chapters 20 and 21 of the General Theory accounts for his failure to use Keynes already worked out simplifications for the case where the Aggregate Supply Curve was infinitely elastic or had a horizontal segment. Chapter 3 of the General Theory only presents an outline...

Keynes provided an overwhelming argument in his letter of August 27th, 1935 to Harrod that convinced Harrod twice to acknowledge that Keynes had made a “radical reconstruction” of the theory of the rate of interest. Special significance can be given to Keynes's three point post script in...

In his August 30th, 1935 letter to Keynes, Harrod not once, but twice, conceded that Keynes had radically reconstituted the classical and neoclassical theory of the rate of interest by pointing out that the standard theory was one equation short. However, by adding the missing Liquidity...

Extreme mathematical illiteracy played a basic, fundamental role in the assessments made by Joan Robinson, Ralph Hawtrey and Dennis Robertson of Keynes's Theory of Liquidity Preference, which Harrod described in an August 30 1935, letter to Keynes as a major reconstruction of interest rate...