Although Considered By A Few Critics That The Sentence Structures Of The Book Are Quite Incomprehensible And Almost Unbearable To Read, The Book Is An Essential ...

Role of the entrepreneur in a distinct role of profit.

With this treatise, an insightful exploration of the probabilistic connection between philosophy and the history of science, the famous economist breathed new life into studies of both disciplines. Originally published in 1921, this important mathematical work represented a significant contribution to the theory regarding the logical probability of propositions. Keynes effectively dismantled the classical theory of probability, launching what has since been termed the “logical-relationist” theory. In so doing, he explored the logical relationships between classifying a proposition as “highly probable” (...) and as a “justifiable induction.” Unabridged republication of the classic 1921 edition. (shrink)

There is not, of course, a one-to-one relation between policy conclusions and the conclusions of positive economics; if there were, there would be no ...

ABSTRACT Though accused by critics of helping to cause the current financial crisis, credit‐default swaps are blameless. The accusation is understandable, however, given misunderstandings about how a credit‐default swap actually works. A careful look into its mechanism shows that it is not only simpler than thought, but that it is also vital to keeping the financial system strong by enabling financial institutions to better manage their risks. The risk taken on in a credit‐default swap (CDS) is no different from the (...) risk of making the underlying loan. CDSs allow risks to be spread more widely instead of being concentrated at vulnerable points, but they do not add to the total amount of risk. (shrink)