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Looking Ahead: The Future Of Post Keynesian Economics
Part 1 of Paper
.... Post Keynesian Workshop at the University of Tennessee, I argued that Keynes's Treatise and the General Theory provided the groundwork for an intellectual revolution in economics. By questioning some basic assumptions and bringing money and financial markets into the determination of real output and employment, Ke.... Part 2 of Paper
....c problems in the present-day world. The second is that the future is uncertain and the past is immutable.
From Chapter 12 of Keynes's General Theory, situations of uncertainty cannot be adequately modeled in terms of probability distributions and because of this a difference needs to be made between uncertainty and risk where uncertainty is the general case and risk the particular. The real world economic system that entrepreneurs and consumers face is not a system that can be statistical.... |
| Number of words: 3250 - Approximate pages: 12 |
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