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On the Failure of Economists to Grasp the Difference between the Calculus (Instantaneous Change) Model Used by Keynes in the General Theory to Define the Mathematical Theory of the...
Brady, Michael Emmett - 2019
The mathematical(logical), technical, theoretical exposition of the multiplier given in chapter 10 of the General Theory by Keynes is identical to the exposition given by Keynes in chapter 26 of the A Treatise on Probability in footnote 1 on page 315. The mathematical theory requires that the...
Persistent link: https://www.econbiz.de/10012864008
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Keynes Always Adhered to His Logical, Objective Probability Relation, Defined As P(a/H) Equals a Rational Degree of Belief, α : Logical Probability Always Remained the Guide to Lif...
Brady, Michael Emmett - 2019
Keynes's 1931 acknowledgement, that Ramsey's theory of subjective degree of belief, based on numerically precise probability, was acceptable to him in the special case where w=1, has been constantly misinterpreted. This misinterpretation follows from the lack of understanding of Keynes's weight...
Persistent link: https://www.econbiz.de/10012864215
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How Should the Post Keynesian School Define ‘Uncertainty’? 1 The Only Correct Answer Is to Use Keynes’s Own Definition Given in Footnote 1 on Page 148 of Chapter 12 of the General...
Brady, Michael Emmett - 2019
The Post Keynesian, Institutionalist and Heterodox schools of economics have failed for 83 years to discern the definition of uncertainty given by Keynes in footnote 1 on page 148 of the General Theory that was repeated on page 240 of the General Theory.The footnotes on page 148 and 240 of the...
Persistent link: https://www.econbiz.de/10012864576
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On Keynes’s Painstaking Slow Instruction of Harrod on the Technical Aspects of His IS-LM Model in July-September, 1935 : Harrod Only Finally Understood Keynes’s IS-LM Model After H...
Brady, Michael Emmett - 2020
Keynes spent a tremendous amount of time and energy attempting to tutor Harrod on the mechanics of his IS-LM model between July to September, 1935. Keynes's painstaking slow attempts finally led Keynes in desperation to write a three point postscript to his letter of August, 1935, that is...
Persistent link: https://www.econbiz.de/10012840000
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Comparing Orthodox (N. G. Mankiw) and Heterodox (M. Zafirovski) Economist Views of Adam Smith, the Invisible Hand of the Market, and Laissez Faire : Both Views Completely Overlook...
Brady, Michael Emmett - 2020
The degree to which Adam Smith's view, that the opulence of any nation at the macro level was the result of, and was determined by, large numbers of “sober” people practicing the Virtue of Prudence, which Smith demonstrated in Part VI of the Sixth Edition of The Theory of Moral Sentiments in...
Persistent link: https://www.econbiz.de/10012840895
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Some Examples of 21st Century Philosophers Who Have Written About Keynes’s Logical Theory of Probability, but Have Skipped Part II of the A Treatise on Probability, Where Keynes Pr...
Brady, Michael Emmett - 2020
Nearly one hundred years after Keynes published his A Treatise on Probability in 1921,it appears that practically no philosophers have read Part II of the A Treatise on Probability in either the 20th or 21st centuries. This simply means that no modern day philosopher is in any position to...
Persistent link: https://www.econbiz.de/10012842021
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A Historical Summary of How a Severe Misinterpretation of the only Diagram in Keynes’s A Treatise on Probability in Chapter III on Page 39 Spread to Philosophers : From G. Meeks (1...
Brady, Michael Emmett - 2020
G. Meeks's original analysis of the diagram on Page 39 (Page 42 of the CWJMK version in 1973) in chapter III of the A Treatise on Probability in 1976 erred in claiming that Keynes was illustrating ordinal,or rank order, probability measurement. Keynes was actually illustrating interval valued...
Persistent link: https://www.econbiz.de/10012842299