Corrigendum to 'optimal saving under Poisson uncertainty' [J. Econ. Theory 87 (1999) 194-217]

The derivation of the Keynes-Ramsey rule in Wälde (1999) contains two errors. Correcting them affects the expression for the Keynes-Ramsey rule in (11) but leaves all other findings of the paper unaffected. It especially does not affect the major finding of the paper, i.e. the dichotomy ingeneral equilibrium between a stochastic and a deterministic regime. As a consequence, the analysis of endogenous business cycles in very tractable models remains entirely valid

Probability and uncertainty in Keynes's The General Theory

Book description: John Maynard Keynes is undoubtedly the most influential Western economist of the twentieth century. His emphasis on the nature and role of uncertainty in economic thought is a dominant theme in his writings. This book brings together a wide array of experts on Keynes' thought such as Gay Tulip Meeks, Sheila Dow and John Davis who discuss, analyse and criticise such themes as Keynesian probability and uncertainty, the foundations of Keynes' economics and the relationship between Keynes' earlier and later thought. The Philosophy of Keynes' Economics is a readable and comprehensive book that will interest students and academics interested in the man and his thought

Is \u27Keynesian Policy\u27 Still Viable?

Six, single-sided pages of hand-written notes on Keynesian critique of capitalism. While according to J Robinson “Marx is a socialist who analyzed capitalism,” and “Marshal is a Capitalist who analyzed Socialist, Minksy writes “Keynes is a capitalist who analyzed capitalism,” and “uncovered flaws in capitalism due to the very nature of capitalism.” Discusses Keynes work in the 1930s and his time spent in Chicago, among other things. Marked in black ink

Taxi Drivers and Beauty Contests

The trading floor of the New York Stock Exchange. The British economist John Maynard Keynes likened playing the market to voting for the prettiest face in a beauty contest; hence the second part of this article’s title

Keynes's German Contenders 1932-1944: On the Sociology of Multiple Discoveries in Economics

In a pathbreaking study on some alleged anticipations of Keynes''s General Theory of Employment, Interest and Money, Don Patinkin in apparently applying Merton''s sociological approach to the problem of anticipations and multiples in economics, rejects Kalecki and the Stockholm School as anticipators. Patinkin''s contribution has a dual significance in improving our understanding of Keynesian economics, on the one hand, and in suggesting a novel approach to the sociology of economics on the other. This paper is concerned with Patinkin''s sociology. His approach by emphasizing the "central message" of a particular work, neglects the received sociological theory of knowledge in a way that compromises his entire investigation. This contention is illustrated by looking at Keynes''s German contenders. They had anticipated Keynesian theories and applied them in the years before the General Theory was published. Nevertheless, they rejected aspects of Keynesian economics after the appearanced the General Theory. True to his narrowly focussed approach, Patinkin could not analyze this body of work, which both anticipated and extended the General Theory. Keynes''s central message significantly differed from that of his contenders.public economics ;