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Keynes's Section 8 of Chapter 12 of the General Theory Completely Refutes Shackle's Unknowledge Definition of Uncertainty, His Attack on IS-LM and All 'Chapter 12' Types of Keynesi...
Brady, Michael Emmett - 2019
Shackle's attempt to completely redefine Keynes's definition of uncertainty in chapter 12 of the General Theory, which … 10 years in the General Theory ,and 20 to 33 years in his 1937 Quarterly Journal of Economics article. Keynes's IS … concerning the use of his IS-LM(LP) model on pages 298-303 of the General Theory, to calculate a quantitative, determinate …
Persistent link: https://www.econbiz.de/10012896971
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On Harrod’s Deliberate Misrepresentation of Keynes’s Liquidity Preference Theory of the Rate of Interest After August 30th, 1935 : Lying to Ralph Hawtrey in June, 1951 and in His B...
Brady, Michael Emmett - 2018
the classical and neoclassical theory of the rate of interest by pointing out that the standard theory was one equation … in Keynes's theory was determined solely by the demand and supply of money. Hutchison had pointed this out in 1977 but …
Persistent link: https://www.econbiz.de/10012911542
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On the Role of Mathematical Illiteracy in the R. Hawtrey-D. Robertson-J. Robinson Critique of Keynes’s Liquidity Preference Theory of the Rate of Interest in the General Theory
Brady, Michael Emmett - 2018
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 theory. Harrod stated that the classical (neoclassical) theory of ….” Of course, Harrod is talking about the equation on page 199 of the General Theory which had two independent variables, Y …
Persistent link: https://www.econbiz.de/10012911779
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How Using Greenspan’s Continuum Can Bridge the Huge Abyss That Exists Between Orthodox and Heterodox Economists Who Are Dealing With the Concept of Uncertainty
Brady, Michael Emmett - 2018
Cambridge University, A Treatise on Probability, and the General Theory, respectively ,and by Knight in 1921 in Risk …
Persistent link: https://www.econbiz.de/10012912828
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Examining Hicks’s Claim That Any Connection Between Champernowne’s 1936 Review of Economic Studies Review and His 1937 Econometrica Review Is ‘…What Any Intelligent Person Could Ha...
Brady, Michael Emmett - 2018
Theory, that “What is common between my paper and [Champernowne's] seems to be no more than what any intelligent person could … have got from a careful reading of the General Theory” (Letter from Hicks to Young, quoted by Young, 1987, p.95) has a … compares Champernowne's June 1936 article with Hicks's own June 1936 article reviewing the General Theory, titled “Keynes …
Persistent link: https://www.econbiz.de/10012913490
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Greenspan's Synthesis of the 'Keynes-Knight' Approach and the Ramsey-De Finetti-Savage Approach in Decision Making : A Continuum Exists Between Situations of No Knowledge and Compl...
Brady, Michael Emmett - 2018
The differences between Knight's approach in Risk, Uncertainty and Profit (1921) and Keynes's logical theory of …
Persistent link: https://www.econbiz.de/10012914782
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On Alan Greenspan's Successful Incorporation of the ‘Keynes–Knight’ Approach to Uncertainty and Risk into Monetary Policy
Brady, Michael Emmett - 2018
to the approach advocated by J.M. Keynes himself in both the A Treatise on Probability (1921) and General Theory (1936 …
Persistent link: https://www.econbiz.de/10012914906
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Keynes Did Not Use Pigou as a Strawman in the General Theory : Pigou Was Trapped by His Marshallian, Partial Equilibrium Approach in His 1933 the Theory of Unemployment
Brady, Michael Emmett - 2018
Theory, incorporating Uncertainty and Expectations, is the main message of the General Theory, has led to the failure to … consumption function with an MPC that would allow him to apply the investment multiplier. Pigou's theory of the rate of interest … Keynes had shown was impossible on pp.179-182 of the GT and which Keynes described as a “nonsense” theory. At best, Pigou was …
Persistent link: https://www.econbiz.de/10012914960