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J M Keynes discussed a number of simplifications of his D-Z model in chapter 21 of the General Theory that were … these represented simplifications from his AD-AS(D-Z) model as specified in chapter 20 of the General Theory and did not … impact of uncertainty.The view that Keynes did not have any formal, mathematical models in the General Theory resulted in his …
Persistent link: https://www.econbiz.de/10012925583
The belief that Hicks generalized Keynes's General Theory with his IS-LM model is contradicted by Keynes's own … 13 of the General Theory that only considers Keynes's initial M=L(r) model on page 168 while ignoring Keynes's own … pp. 208-209 and Section IV of Chapter 21 on pp. 298-299 of the General Theory clearly demonstrated that his analysis …
Persistent link: https://www.econbiz.de/10012927593
treatise on Probability and the concept of the weight of the evidence from the General Theory. She mixed up Keynes's concept of … that was sent to both Austin Robinson and Richard Kahn. Keynes explicitly states that his theory of the rate of interest is … NOT that the interest rate is determined by the demand and supply of money. Keynes's theory of the interest rate is an …
Persistent link: https://www.econbiz.de/10012928375
when the specific case of economists attempting to read Keynes's General Theory is examined. Three economists will be … to illustrate the theory and the difference between the use of the differential calculus as a model based on continuous … functions and continuity, while the empirical application of the theory involves observations of discrete data, supports …
Persistent link: https://www.econbiz.de/10012928681
The quality of J. Robinson's short book, On Re-reading Marx, is so poor that it calls into question her capability to do research independent from the constant help, supervision and aid of Richard Kahn. The three essays, in fact, demonstrate and reflect her own actual ability to do economic...
Persistent link: https://www.econbiz.de/10012930206
Persistent link: https://www.econbiz.de/10012930400
G. Kennedy carefully examined the conflict that Smith covered in The Wealth of Nations brought about by Upper Income citizens that Smith classified as “Projectors, Imprudent risk takers, and Prodigals”. Their behavior led to very detrimental, negative outcomes in the macro economy as a...
Persistent link: https://www.econbiz.de/10012930902
Persistent link: https://www.econbiz.de/10012931359