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Tag Archives: john maynard keynes

Keynes’ Life: 1929

I give an account below of Keynes life in 1929, the year in which the Great Depression began.January–May 1929 Keynes taught at Cambridge in the first half of the year. The teaching periods at Cambridge were divided into three terms:October–December – Michaelmas January–March – Lent or January term April–June – Easter term.On 18 January 1929, Ludwig Wittgenstein returned to Cambridge, and Keynes met him when he arrived, and allowed Wittgenstein to share his rooms at Cambridge until February...

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Keynes: socialist, liberal or conservative? — Michael Roberts

Interesting post. Michael Roberts argues that Keynes was all three–socialist, liberal and conservative at different times. But owing to his social status, Keynes was fundamentally a British upper-class conservative, or in Marxian terminology, a "bourgeois liberal." However, he was not hidebound and also had a sense of reality that made him open to accommodate changing circumstances.Michael Roberts BlogKeynes: socialist, liberal or conservative? Michael RobertsSee alsoThe Political Economy...

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Randy Wray — How To Pay For The War

Remarks by L. Randall Wray at “The Treaty of Versailles at 100: The Consequences of the Peace”, a conference at the Levy Economics Institute, Bard College, May 3, 2019. I’m going to talk about war, not peace, in relation to our work on the Green New Deal—which I argue is the big MEOW—moral equivalent of war—and how we are going to pay for it. So I’m going to focus on Keynes’s 1940 book— How To Pay for the War—the war that followed the Economic Consequences of the Peace.Our analysis (and...

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Lars P. Syll— Axel Leijonhufvud—the road not taken

A must-read (not least because of the interview videos where Leijonhufvud gets the opportunity to comment on the ‘madness’ of modern mainstream macroeconomics)! Axel Leijonhufvud's On Keynesian Economics And The Economics Of Keynes: A Study In Monetary Theory is a free download at archive.org here.Lars P. Syll’s BlogAxel Leijonhufvud — the road not takenLars P. Syll | Professor, Malmo University

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Dirk Ehnts — Keynes on the quantity theory and techniques of recovery (letter to FDR)

Changes in expenditure rather than changes in the money stock are causal in economic performance. Changes in money stock do not necessarily result in changes in expenditure. Velocity of money depends on liquidity preference. If the money stock increases while the population increasingly desires to save rather than spend, no change in economic performance will follow. A chief point of the General Theory is that spending as "effective demand" drives an economy. As a consequence fiscal...

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Michael Emmett Brady — Keynes’s Theory of Measurement is contained in Chapter III of Part I and in Chapter XV of Part II of the A Treatise on Probability

Abstract Professor Yasuhiro Sakai (see 2016; 2018) has argued that there is an mysterious problem in the A Treatise on Probability, 1921 in chapter 3 on page 39 (page 42 of the 1973 CWJMK edition). He argues that there is an unsolved mystery that involves this diagram that has remained unexplained in the literature. The mystery is that Keynes does not explain what he is doing in the analysis involving the diagram starting on the lower half of page 38 and ending on page 40 of chapter III....

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Michael Roberts — MMT, Minsky, Marx and the money fetish

This is a good historical backgrounder and it should be read for that reason alone. But Michael Roberts also brings up other issues that follow upon this history that are relevant to the current debate, at least some of which that have been brought up previously in the comments here. Highly recommended. As Maria Ivanova has shown, there remains a blind belief that the crisis-prone nature of the latter can be managed by means of ‘money artistry’, that is, by the manipulation of money,...

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Lars P. Syll — The limits of probabilistic reasoning

This is an important issue and some background is needed. This is a fundamental issue in epistemology. As such it involves not only mathematics and science but also philosophy and logic. It is not an exaggeration to assert that this debate has been going on for millennia around the world and it remains undecided, which implies the need for further exploration. To claim certainty under such circumstances is premature. Furthermore, the certainty of models comes from the logic and math....

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