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A myth has been in existence since 1922 about Keynes, Ramsey and the logical theory of probability that Keynes … probabilities that could only be intuited. Keynes supposedly, according to this myth, instantly realized that his theory had been … decimated, annihilated and demolished by the 18 year old boy genius, Frank Ramsey. Keynes then supposedly retracted his theory …
Persistent link: https://www.econbiz.de/10014096035
Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of … economists to carefully analyze Keynes's analysis on pages 179-181 of the General Theory accounts for the misbelief that Keynes …'s theory of the rate of interest was a purely monetary theory of the rate of interest, although Keynes made it very clear to …
Persistent link: https://www.econbiz.de/10012926784
mathematical theory of the multiplier at least 10 years before the publication of Kahn's article and applied his knowledge by … providing an application of the multiplier theory in May of 1929, at least two years before the publication of Kahn's article … chapter 26 of the General Theory. The real unanswered question is why it took nine decades for economists to recognize that it …
Persistent link: https://www.econbiz.de/10012907509
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
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
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