tag:blogger.com,1999:blog-1740670447258719504.post6957406336799148673..comments2024-03-27T03:00:27.024-04:00Comments on Facts & other stubborn things: DeLong on GlasnerEvanhttp://www.blogger.com/profile/12259004160963531720noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1740670447258719504.post-12828277836319690722012-03-02T13:05:25.589-05:002012-03-02T13:05:25.589-05:00While you correctly ground the General Theory as a...While you correctly ground the <i>General Theory</i> as an evolution of thought from Keynes's earlier <i>Treatise on Money</i>, the argument has been made that the <i>General Theory</i> is also an immense contribution to decision theory because it derives contributions from his 1921 work, <i>A Treatise on Probability</i>. All one has to do is read Chapters 20 and 21 of the book for Keynes's technical analysis. He also refers to the <i>Treatise on Probability</i> in footnotes in Chapter 12 and I believe in Chapter 17. The second footnote that refers to the <i>Treatise on Probability</i> simply points to the first footnote in Chapter 12.<br /><br />See Dr. Michael Emmett Brady's doctoral dissertation, whenever he decides to publish it.<br /><br />http://books.google.co.uk/books/about/The_foundation_of_Keynes_s_macrotheory.html?id=VlPLNwAACAAJ<br /><br />Alternatively, go on the SSRN or Google Scholar and search "Michael Emmett Brady".<br /><br />One conclusion can be derived from Dr. Brady's articles - the insane Bank of France had undermined any weight of evidence supporting the gold standard.Blue Auroranoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-4031340416499150202012-03-02T12:51:46.320-05:002012-03-02T12:51:46.320-05:00I await a post! I wasn't bashing your perspect...I await a post! I wasn't bashing your perspective - I liked that post a lot when it first went up. I just want to highlight that Keynes was very much at the heart of these discussions. It wasn't just Cassel and Hawtrey against the world. I don't know C&H very well myself, but I'd wager Keynes also had the ear of the Bank of France more than they did.<br /><br />The 1926 and 1928 letters are great reads. One of my favorite lines about politicians is in the beginning of the second one. Contra all the handwringing today over "waffling", Keynes says "one blames politicians not for inconsistency, but for obstinancy. They are the interpreters, not the masters, of our fate. It is their job, in short, to register the fait accompli".<br /><br />I had thoughts on why Keynes pushed fiscal policy while I was out on errands... I think I'm going to try to post on that too soon. I eagerly await any follow up on your part!Daniel Kuehnhttp://www.factsandotherstubbornthings.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-1740670447258719504.post-27150910159736750522012-03-02T12:38:36.943-05:002012-03-02T12:38:36.943-05:00Daniel, You raise interesting issues. Perhaps I w...Daniel, You raise interesting issues. Perhaps I will get a chance to respond more fully on my blog. The gist of my response is that a) I was responding to a certain common perception of what Keynes was all about, not necessarily to what Keynes actually thought; b) even if the General Theory was not about the Great Depression, it was very much a product of that experience; c) Keynes himself emphasized the fundamental change in his thinking that occurred after he published the Treatise on Money in 1931 and led him to write the GT. Part of the change in his thinking was to attach less importance to monetary policy than he had previously.David Glasnerhttp://www.uneasymoney.comnoreply@blogger.com