A major confusion among economists ,who have been writing on the General Theory since 1936,is to confuse the Demand and Supply for Money [M=L(r) ] with the Demand and Supply for Liquidity[M=M1plus M2=L1(Y) plus L2(r) {=L}.Chapter 13 of the General Theory concentrates exclusively on the second of...

J M Keynes had already completely developed the technical, mathematical and logical framework of analysis for the concept of the multiplier in his A Treatise on Probability in 1921 long before Richard Kahn came to Cambridge in 1927 at the age of 22. However, Keynes did not have the time or...

R J Kent's 2007 History Of Political Economy article ends with the claim that “…But there certainly are many unanswered questions concerning Keynes's role in the development of the multiplier…”. Pace Kent, anyone who has read Keynes's chapter 26 in the A Treatise on Probability in 1921...

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...

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...

Rational Expectations is an approach to probability and expectations that was initiated by Muth in 1961. Muth's concept is based on an immense muddle and confusion in his mind about subjective and objective concepts of probability that confuses subjective probability with objective probability....