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John Maynard Keynes (Great Thinkers in Economics).pdf
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* Publisher: Palgrave Macmillan
* Number Of Pages: 224
* Publication Date: 2007-09-12
* ISBN-10 / ASIN: 1403996237
* ISBN-13 / EAN: 9781403996237
http://ifile.it/ulgbhws/1403996237.pdf
Product Description:
This book examines the life of John Maynard Keynes, explores his influential writings and theories, and assesses his legacy. Davidson looks at the life of Keynes leading up to the writing of his seminal General Theory, and traces the roots of this work in Keynes's early influences, as well as examining the General Theory in detail, and exploring how it differs from classical theory. The impact of Keynes's work on the economy postwar and up to the present day is also assessed.
Summary: Buddy, can you spare a trillion? Rating: 5
At a time when the world needs the help of the highest and most intelligent voices of economic wisdom, it's truly a shame such false reviews, as the last, are even allowed to stand, at such a respectable business enterprise as Amazon.com. When one of the world's most respected macro-economists is even compared to the likes of one, "mister b", by "mister b" himself, it's not the point he's allowed to falsely criticize, but that he thinks so much of his own false ego. His points of mathematical economics have been not only refuted by others, but by his own omissions of admissions, in defense of his own bad economics book on Keynes, at this very site. Just go to his book's reviews and comments. Here's a serious culled example of criticism against "mister b's" ideas and book: The D-Z is Model Built On What Keynes Knew Were False Assumptions Keynes offers some uncharacteristically sound advice in chapter 21: "It is a great fault of symbolic pseudo-mathematical methods of formalizing a system of economic analysis, such as we shall set down in section VI of this chapter, that they expressly assume strict independence between the factors involved and lose all their cogency and authority if this hypothesis is disallowed ... Too large a proportion of recent 'mathematical' economics are mere concoctions, as imprecise as the initial assumptions they rest on, which allow the author to lose sight of the complexities and interdependencies of the real world in a maze of pretentious and unhelpful symbols (p. 297-298)." This quotation should drive home the point I have tried to make above regarding the independency of certain variables. Keynes has just admitted the model loses all validity if we admit for only an instant that these variables are not independent. Keynes has also admitted that the real world consists of interdependencies and hence D-Z model falls to the ground. Brady is especially guilty of losing "sight of the complexities and interdependencies ofthe real world in a maze of pretentious and unhelpful symbols." One "mister b " should re-study, or at least read, Thorstein Veblen to find there is such a matter as the epistemological limits of all mathematical modeling, as Keynes so aptly pointed out, and Mr. PaulDavidson , whom I've followed for years, reading most of his papers and books, of thoroughly sound judgment, and impeccable character, clearly points out in his masterpiece of absolutely true history, and sound mathematical interpretations of what Keynes truly meant. Keynes must be studied very thoroughly to achieve understanding his GT, as his personality was quite sarcastic at times, especially at moments of writings where he disagreed with others. Paul has easily seen through this, as have I, and writes with the clear certainty of knowing his subject, and subject matter, most profoundly. PaulDavidson 's Keynes's book is the seminal work of macro-economic theory. I highly recommend it, as well as all his papers and books, if you truly want to know the exact model comparison science of the mathematical history of economics, and the proper axiomatic mathematics to use, to work out these models___There is no finer work.
Summary: Some interesting chapters and some error filled chapters Rating: 3
Davidson's book on Keynes starts out providing useful information to a reader who has little or no familiarity with Keynes's contributions to economics.Davidson covers Keynes's intellectual and political views effectively.He demonstrates clearly and correctly how World War I severely inpacted how Keynes thought about social,political,and economic problems, on either a national or international plane,for the rest of his life.Chapters 8-11 covers Keynes's attempts to set up a sturdy logical,theoretical,and politically sound foundation(International Monetary Fund,World Bank,Bancor) after World War II that would prevent the types of international problems(International trade disputes,misuses of tariffs and quotas, "beggar your neighbor " trading policies,etc.) that had ,in Keynes's opinion,contributed to the outbreaks of World Wars I and II from reoccurring in the future. Chapters 1,2,3,most of 4,7,8,9,10,and 11 can be read profitably by a general reader interested in Keynes's contributions to international trade and finance issues(balance of trade, balance of payments,liquidity-foreign debt,and debt financing problems of second and third world countries). Severe problems arise primarily in chapters 5,6,and 12, whereDavidson erroneouly claims that he is providing the reader with the correct technical model(D-Z Model) used by Keynes in the GT to illustrate his theory of effective demand.Davidson presents his own severely mathematically flawed ,Davidsonian version of Keynes's model.Davidson works only with the rudimentary, 6th grade,pre algebra outline that Keynes presented to the reader as a basic guide to what he would later actually accomplish in chapters 19,the appendix to chapter 19,chapter 20,and chapter 21, in chapter 3 of the GT.Davidson,as he has done for close to 50 years,does not tell the reader that Keynes viewed this chapter,chapter 3, as a beginner's outline that would probably be unintelligible to many readers.Davidson redefines all of Keynes's mathematical functions in the GT,replacing Keynes's definitions with his own.For instance,Davidson sets the Z function ,Keynes's expected aggregate supply function, equal to pO.Contrary to Davidson, Keynes defined D=pO 5 times in chapter 20,pp.283-284,where p is an expected price and O is a function of N;hence,it is an aggregate production function.D is Keynes's expected aggregate demand function.Keynes defined Z to be equal to WN+P on pp.23-24 of the GT.Integration of Keynes's derivatives, in those sections of the GT where Keynes did his mathematical analysis, all come out to Z=WN+P,where P is expected profit,W is the money wage ,and N is employment.Keynes defined the actual or current aggregate demand function,Y,to be equal to C+I=PO,where,in the context of the Y-multiplier model of chapter 10,P is an actual or current price(GT,p.209).Davidson redefines D,Keynes's expected aggregate demand function,to be equal to Y.None of the analysis provided by Davidson in this book has any connection with the mathematical analysis done by Keynes in chapters 20 and 21 of the GT.It should not come as a surprise that Keynes told Dennis Robertson,in a letter dated February 20,1935(see volume 14 of the CWJMK(1973),p.514(Davidson only cites from p.512),from whom Davidson has developed his Davidsonian model,that his technical analysis of Z and D is contained in a chapter in the GT called the Employment Function.Chapter 20 of the GT is called The Employment Function. We now come to the final chapter of the book.This chapter is an attack on Paul Samuelson.Davidson claims that Samuelson has misrepresented the technical aspects of Keynes's theory of effective demand when Samuelson put forth his 45 degree cross model of income-expenditure in 1948. In fact,Samuelson's model is a brilliant simplification of the GT that allows Keynes's major insights to be presented to introductory economics student.Samuelson refrained from any serious attempt to master the technical side of the GT becauseDavidson 's close associates,Joan Robinson,Richard Kahn,and Austin Robinson,had convinced Samuelson that there were major mathematical errors contained in the GT because Keynes had not taken their advice on economic modeling.The only conclusion possible,given the large number of errors committed byDavidson ,Joan Robinson,and Richard Kahn concerning the technical aspects of the GT, is that they are the ones who are primarily responsible for killing "... Cock Robin(John Maynard Keynes)".Chapter 12 is an excellent example of the pot(Davidson) claiming that the kettle(Samuelson) is black.Davidson needs to get the dust out of his eyes before he gives advice to others having similar problems.
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