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Grampp, as well as all other economists who have written on Smith, overlooked Smith's original contributions to decision making under uncertainty. Grampp's main point, that “The invisible hand is not a power that makes the good of one the good of all, and it is not any of a number of other...
Persistent link: https://www.econbiz.de/10012931856
W Brian Reddaway's IS-LM model ,contained in his 1936 Economic Record paper that reviewed the General Theory, is … formally in extreme detail in sections IV to VI of Chapter 21 of the General Theory. Keynes, following his usual correspondence …, as well as the model contained in Chapter 21 of the General Theory.Reddaway was misled by his misbelief that Keynes was a …
Persistent link: https://www.econbiz.de/10012932398
interpretations of probability. Shackle's arguments failed completely when confronted with Keynes's theory of logical probability.J M … Keynes's theory of probability is a logical, objective, epistemological approach that is based on partial ordering and not … valued probability, can demonstrate that Shackle's theory is a very special theory that applies only to situations of …
Persistent link: https://www.econbiz.de/10012933480
The many, many myths created by Joan Robinson about J M Keynes and the General Theory, starting in the early 1930’s … Keynes on the writing of the General Theory, that R. Kahn developed, explained and taught Keynes the theory of the multiplier …, that there was no IS-LM model in the General Theory, that J. Hicks originated and developed the IS-LM model in the April …
Persistent link: https://www.econbiz.de/10013237669
January, 1922 issue of the Cambridge Magazine that supposedly demolished and destroyed Keynes’s logical theory of probability ….Ramsey had no idea about what Keynes’s logical theory of probability was. For instance, Ramsey had no idea that Keynes’s logical … Ramsey did destroy and demolish Keynes’s theory, a theory that is the backbone of Keynes’s 1936 General Theory.Apparently, it …
Persistent link: https://www.econbiz.de/10013238907
Sraffa made a number of margin notes in chapter 17 in his copy of the General Theory .Contrary to Joan Robinson’s 1978 … claim ,that Sraffa had uncovered logical and mathematical errors in Keynes’s liquidity preference theory of the rate of … interest when he generalized his theory in chapter 17,the margin notes made by Sraffa are all erroneous .Sraffa’s margin notes …
Persistent link: https://www.econbiz.de/10013239107
-299 in Chapter 21 of the General Theory.The only two possible conclusions that explain the total failure of macroeconomists … pp.298-299 in Chapter 21 of the General Theory is (a) that they are either very poor applied mathematicians or (b) they …
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