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The Demand and Supply for Money [M=L(r) ] is not the Demand and Supply for Liquidity[M=M1plus M2=L1(Y) plus L2(r) {=L}
Brady, Michael Emmett - 2018
A major confusion among economists ,who have been writing on the General Theory since 1936,is to confuse the Demand and … General Theory concentrates exclusively on the second of the two constituents which, together, determine the equilibrium rate … with this in chapters 8-12 of the General Theory. Keynes made it very clear that in chapter 13 he was going to deal …
Persistent link: https://www.econbiz.de/10012907182
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J M Keynes, Not R Kahn, Created and Developed the Logical Theory of the Multiplier in the General Theory in 1936 Based on His a Treatise on Probability Exposition in 1921 : Kahn’s...
Brady, Michael Emmett - 2018
completely worked out application of the theory of the multiplier in the EJ. Keynes delegated this task to Kahn. Kent (2007 …) demonstrated that in May 1929, Keynes had applied his logical theory of the multiplier in preparation for a speech in which he … in his application of the mathematical theory of the multiplier. Keynes privately showed Kahn sometime between May 1929 …
Persistent link: https://www.econbiz.de/10012907306
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Kahn’s Mathematical Style, in His June, 1931 Multiplier Article in the Economic Journal, Is Identical to Keynes’ Style of Presenting Mathematical Results Starting in 1921 in the A...
Brady, Michael Emmett - 2018
The manner in which R. Kahn presented his mathematical results on the multiplier in the Economic Journal of June, 1931, is identical to the style of presenting mathematical results used by Keynes to present his mathematical analysis starting with the A Treatise on Probability in 1921. Keynes's...
Persistent link: https://www.econbiz.de/10012907803
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On Keynes’s Formal Development of the Logical Theory of the Multiplier in the A Treatise on Probability in 1921 : It Was Keynes Who Helped Kahn, Not Kahn Who Helped Keynes
Brady, Michael Emmett - 2018
Keynes had completely developed the Logical Theory of the Multiplier in his A Treatise on Probability in 1921 in … Theory of the Multiplier where one would use arithmetic to actually calculate a worked out example of the process. As pointed … problem, which would be based on the Logical Theory of the Multiplier that he had already worked out in 1908 and 1921, to Kahn …
Persistent link: https://www.econbiz.de/10012907805
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Correcting Paul Samuelson’s Small Error in His November, 1963 Eulogy for Robertson : Dennis Robertson Erred Seriously in His Evaluation of Keynes’s Differential Calculus–Based Mult...
Brady, Michael Emmett - 2018
the process to actually function, so that in the real world it is not instantaneous, with the mathematical theory of the … the General Theory were sound.D. Robertson ‘s confused attempts at critiquing Keynes's concepts of the logical theory of …
Persistent link: https://www.econbiz.de/10012909554
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On Joan Robinson’s Mathematical Confusions About the Foundation for J M Keynes’s Logical Theory of the Multiplier : The Differential Calculus
Brady, Michael Emmett - 2018
Joan Robinson had no idea about what Keynes was talking about in the General Theory with respect to (a) Keynes …, underemployment, involuntary unemployment), his Liquidity Preference Theory based on his equation on p.199 of the General Theory, his … uncertainty in the General Theory to support his Liquidity preference theory of the rate of interest which Keynes modelled in his …
Persistent link: https://www.econbiz.de/10012909585
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Keynes Versus Robertson in 1936–1937 : Robertson’s Mathematical Illiteracy Prevented Him From Understanding Keynes’s Is-Lm(lp) Model in the General Theory
Brady, Michael Emmett - 2018
assumption at both the micro and macro levels.It was impossible for Robertson to follow Keynes's theory, even though he …
Persistent link: https://www.econbiz.de/10012909828
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Keynes’s IS-LM(LP) Model Was Complementary with Keynes’s Aggregate Demand(D)-Aggregate Supply(Z) Model : They Were Never Rival Models
Brady, Michael Emmett - 2018
Persistent link: https://www.econbiz.de/10012910046
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On Keynes’s Two Simplifications of His Aggregate Supply Curve Analysis in Chapter 21 of the General Theory : O. Lange (1938) Overlooked Chapter 20 and the Two Simplifications on Pa...
Brady, Michael Emmett - 2018
O Lange's failure to read chapters 20 and 21 of the General Theory accounts for his failure to use Keynes already …. Chapter 3 of the General Theory only presents an outline of what Keynes actually did later in the General Theory in chapters … 20 and 21. No Aggregate Supply Curve was constructed in chapter 3 of the General Theory or even mentioned. Keynes gave …
Persistent link: https://www.econbiz.de/10012910376