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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. I think Keynes’s view is the most warranted of the two. Of course this also has repercussions on the issue of ergodicity in a strict methodological and mathematical-statistical sense. 24 This is, of course, explicit in Tobin's approach but, perhaps more surprisingly, Kahn also made clear that in his paper ‘the words … 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. Its key feature is that it can be measured, and that a specific number can be attached to it. Knight’s uncertainty concept has an epistemological founding and Keynes’s definitely an ontological founding. Top 10 Quotes About Economics Experts throughout history provide valuable perspective on today's fiscal crises. By Geoffrey James, Contributing editor, Inc.com @Sales_Source. 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. Knight’s uncertainty concept has an epistemological founding and Keynes’s definitely an ontological founding. Keynes’s theory of money reveals how the problem of involuntary unemployment is inextricably bound up in the liquidity preferences by wealth-holders. 3. 1. The abbreviation TP stands for A Treatise on Probability , GT October 1929 the stock market collapses 3. 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. I thank the Keynes Trustees for permission to quote from Keynes's manuscripts, held in King's College, Cambridge. 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 Keynes without uncertainty is something like … I think Keynes’s view is the most warranted of the two. Of course, this also has repercussions on the issue of ergodicity in a strict methodological and mathematical-statistical sense. uncertainty. 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. ECON 372 Notes Module 12 The Heresies of John Maynard Keynes 1. ... To quote from Joan Robinson: ‘The apparatus used to analyse the determination of the price level were tautological statements James K. Galbraith, "Keynes, John Maynard (1883–1946)", in Coole, Diana H.; Gibbons, Michael; Ellis, Elisabeth et al., The … uncertainty, a concept which is dominant in Keynes's mature economic writings and in the General Theory in particular. America in the 1920s – higher standard of living than ever before, “everyone gambled and everyone won” 2. As is commonly known, uncertainty is the fundamental element of Keynes' theory. • Fundamental uncertainty • Social conflict • Effective demand • Macroeconomics • Investment → savings • Involuntary unemployment • Credit → money • Financial instability • Context: Synthesis and New Keynesians • Economic Policy The first, and easiest to characterise and handle within macroeconomic models, is cardinal uncertainty. In his Treatise on Probability, Keynes discussed three types of uncertainty. 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