Keynes told Hicks very clearly on March 31st, 1937 that Keynes had already done what Hicks had done on page 156 of his 1937 Econometrica paper, which was to add Aggregate Actual Income I (Keynes's Y) into the three equation set comprising Hicks's later version of Keynes's IS-LM model. However,...

There can't be too much self-interest or self love, Prudence, for Adam Smith (or Aristotle, Aquinas, Augustine, Buddha, etc.). Without prudent conduct and behavior at the individual level, nothing else is possible. Prudence is the bedrock foundation upon which all other virtues are build. There...

Keynes brought all three of the universally recognized elements that are needed to comprise the IS-LM model, the liquidity preference function, the investment function, and investment multiplier, together in Section Four of Chapter 21 of the General Theory. However, this took place only after...

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...