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An Examination of P. Davidson’s Misunderstandings about the Limiting Frequency Theory of Probability, Ergodicity and Non Ergodicity : These Approaches Require that either the Numbe...
Brady, Michael Emmett - 2019
Paul Davidson's technical understanding of the mathematical details of the Limiting Frequency theory of probability and …
Persistent link: https://www.econbiz.de/10012861031
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On the Immense and Severe Confusions and Muddles About the Nature of Subjective and Objective Probability in the Theory of Rational Expectations : A Subjective Probability (Distrib...
Brady, Michael Emmett - 2018
subjective theory of probability is that the subjective probabilities must be additive, so that they are coherent, which means … frequency theory of probability, which can only hold in the very long run as one approaches infinity. Rational expectationists …
Persistent link: https://www.econbiz.de/10014109858
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The Foundations of J M Keynes's IS-LM Model in Chapter 15 of the General Theory : Keynes's D-Z Model of Chapters 20 and 21
Brady, Michael Emmett - 2017
F. Modigliani presented a special case of Keynes's General Theory result in 1944 in his “Liquidity Preference and the … Theory of Interest and Money”. Modigliani sought to provide the IS-LM model of Hicks's 1937 Econometrica interpretation of … Keynes's chapter 15 IS-LM model with microeconomic foundations in the theory of the firm that included a production function …
Persistent link: https://www.econbiz.de/10012951951
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What J. Viner (and Everyone Else) Overlooked in His 1936 and 1964 Reviews Concerning Keynes's Liquidity Preference Analysis in the General Theory and the 1937 Quarterly Journal of...
Brady, Michael Emmett - 2017
Theory, erred in not taking into account Keynes's detailed, painstaking analysis on pp.180-182 of the General Theory, where … effective rate of interest, r1 or r2? Of course, the answer is that the neoclassical theory is unable to pick out either r1 or r …2 . The answer is indeterminate because the neoclassical theory is “… one equation short of what is required to give a …
Persistent link: https://www.econbiz.de/10012953043
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Correcting A. Hansen's Errors on pp. 140-141, 147-148 of His A Guide to Keynes in 1953 : How A. Hansen's Errors Changed the Course of Economic History and Thought for the Worse
Brady, Michael Emmett - 2017
A. Hansen's gross error concerning J M Keynes's analysis in chapter 14 on pp. 180-181 of the General Theory in his A … students who, instead of reading the General Theory, read Hansen's A Guide to Keynes instead. Hansen's book then became … accepted in the economics profession as the correct assessment of Keynes's General Theory. Hansen did an excellent job in …
Persistent link: https://www.econbiz.de/10012953342
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Completing D. Patinkin's Partially Correct, Incomplete Assessment of J M Keynes's Role as the Creator in the Development of the IS-LM Model
Brady, Michael Emmett - 2017
over Hicks.On pp.180-181 in chapter 14 of the GT,Keynes dealt with the classical and neoclassical theory of the rate of … and productivity alone. He stated that in order to have a determinant theory of the rate of interest, the state of … IS LM, in general ,outside of the fact that IS LM needed (1) a microfoundation in the theory of the firm and (2) needed …
Persistent link: https://www.econbiz.de/10012954371