John Maynard Keynes Source: link Day-to-day fluctuations in the profits of existing investments, which are obviously of an ephemeral and non-significant character, tend to have an altogether excessive, and even an absurd, influence on the market. As Hyman Minsky wrote, to comprehend Keynes "it is necessary to understand his sophisticated view about uncertainty, and the importance of uncertainty in his vision of the economic process. uncertainty, a concept which is dominant in Keynes's mature economic writings and in the General Theory in particular. I think Keynes’s view is the most warranted of the two. Knight’s uncertainty concept has an epistemological founding and Keynes’s definitely an ontological founding. The abbreviation TP stands for A Treatise on Probability , GT 24 This is, of course, explicit in Tobin's approach but, perhaps more surprisingly, Kahn also made clear that in his paper ‘the words … ECON 372 Notes Module 12 The Heresies of John Maynard Keynes 1. uncertainty. As is commonly known, uncertainty is the fundamental element of Keynes' theory. Of course, this also has repercussions on the issue of ergodicity in a strict methodological and mathematical-statistical sense. Love Quotes 80.5k Life Quotes 62.5k Inspirational Quotes 59.5k Humor Quotes 38k Philosophy Quotes 24k God Quotes 21.5k Inspirational Quotes Quotes 20.5k Truth Quotes 19.5k Wisdom Quotes 18k Poetry Quotes 17k Romance Quotes 17k By Geoffrey James, Contributing editor, Inc.com @Sales_Source. Physicists often quote from T. H. White’s epic novel The Once and Future King, where a society of ants declares, “Everything not forbidden is compulsory.” In other words, if there isn't a basic principle of physics forbidding time travel, then time travel is necessarily a physical possibility. James K. Galbraith, "Keynes, John Maynard (1883–1946)", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The … Keynes’s theory of money reveals how the problem of involuntary unemployment is inextricably bound up in the liquidity preferences by wealth-holders. 1. 3. Interestingly, both papers seem to share the assumption that one does not need to take into consideration Keynes's strong view of uncertainty to explain the behaviour of the demand for money. Top 10 Quotes About Economics Experts throughout history provide valuable perspective on today's fiscal crises. Its key feature is that it can be measured, and that a specific number can be attached to it. • Fundamental uncertainty • Social conflict • Effective demand • Macroeconomics • Investment → savings • Involuntary unemployment • Credit → money • Financial instability • Context: Synthesis and New Keynesians • Economic Policy I thank the Keynes Trustees for permission to quote from Keynes's manuscripts, held in King's College, Cambridge. The first, and easiest to characterise and handle within macroeconomic models, is cardinal uncertainty. ... To quote from Joan Robinson: ‘The apparatus used to analyse the determination of the price level were tautological statements Knight’s uncertainty concept has an epistemological founding and Keynes’s definitely an ontological founding. A 1937 summing-up emphasized the role of unquantified uncertainty, and in 1940 Keynes returned to policy-making with a pamphlet on inflation, How to Pay for the War. 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