IDEAS home Printed from https://ideas.repec.org/a/kap/iaecre/v4y1998i4p324-33410.1007-bf02295686.html
   My bibliography  Save this article

The theory of probability: A key element in Keynes' revolution

Author

Listed:
  • Thomas Cate
  • L. Johnson

Abstract

Keynes believed that the "general theory" would create a revolution in economics. The extent to which his prophesy was realized, in part, depends on the definition of "key elements" in the general theory itself. This paper presents one of the key elements that led Keynes to believe the general theory might indeed create such a revolution. This key element is his theory of probability. Keynes' theory of probability evolved over time and resulted in his employing two distinctly different theories of probability in the general theory—one, implicitly, the other, explicitly. The first was an objective degree of belief theory of probability that was implicitly employed in the general theory. The second was a subjective degree of belief theory of probability that Keynes explicitly developed in the general theory. Copyright International Atlantic Economic Society 1998

Suggested Citation

  • Thomas Cate & L. Johnson, 1998. "The theory of probability: A key element in Keynes' revolution," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 4(4), pages 324-334, November.
    • Handle: RePEc:kap:iaecre:v:4:y:1998:i:4:p:324-334:10.1007/bf02295686
    DOI: 10.1007/BF02295686
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/BF02295686
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/BF02295686?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. L. E. Johnson, 1983. "Economic Paradigms: A Missing Dimension," Journal of Economic Issues, Taylor & Francis Journals, vol. 17(4), pages 1097-1111, December.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Robert J. Shiller & Virginia M. Shiller, 2011. "Economists as Worldly Philosophers," American Economic Review, American Economic Association, vol. 101(3), pages 171-175, May.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Edward Fullbrook, 1998. "Shifting the mainstream: Lawson's impetusEconomics and Reality tony lawson routledge, 1997, 364 pp," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 431-440, December.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:iaecre:v:4:y:1998:i:4:p:324-334:10.1007/bf02295686. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.