On Joan Robinson’s Mathematical Confusions About the Foundation for J M Keynes’s Logical Theory of the Multiplier: The Differential Calculus

12 Pages Posted: 4 Nov 2018

See all articles by Michael Emmett Brady

Michael Emmett Brady

California State University, Dominguez Hills

Date Written: October 14, 2018

Abstract

Joan Robinson had no idea about what Keynes was talking about in the General Theory with respect to (a) Keynes’s Aggregate Supply Curve of Chapter 20,which is a locus of all possible, multiple equilibrium results (Full employment, underemployment, involuntary unemployment), his Liquidity Preference Theory based on his equation on p.199 of the General Theory, his Investment Multiplier, marginal propensity to consume, or income expenditure model, or the role played by Keynes’s weight of the evidence and interval valued probabilities that formed the supporting foundation for Keynes’s deployment of his concept of uncertainty in the General Theory to support his Liquidity preference theory of the rate of interest which Keynes modelled in his IS-LM(LP) model presented in its entirety in section four of Chapter 21 of the General Theory. This paper concentrates on Joan Robinson’s inability to understand the differential calculus approach that was the foundation for the Logical theory of the Multiplier.

Keywords: IS-LM, IS-LP(LM), J. Robinson, R. Kahn, Keynes, Mathematical Illiteracy, A. Robinson, Y=C I, D-Z Model

JEL Classification: B10, B12, B14, B16, B20, B22

Suggested Citation

Brady, Michael Emmett, On Joan Robinson’s Mathematical Confusions About the Foundation for J M Keynes’s Logical Theory of the Multiplier: The Differential Calculus (October 14, 2018). Available at SSRN: https://ssrn.com/abstract=3265934 or http://dx.doi.org/10.2139/ssrn.3265934

Michael Emmett Brady (Contact Author)

California State University, Dominguez Hills ( email )

1000 E. Victoria Street, Carson, CA
Carson, CA 90747
United States

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