Read this article to learn about the role of expectations and Hicks’ analysis in General Theory of Economics. Something must now be said about the role of expectations in this connection. Prof. J.R. Hicks in his paper on the 'General Theory' singles out this feature for special mention. The "use of the method of expectations", said Hicks, "is perhaps the [...]
Brief outlines of the three approaches to General Theory are (1) Economic Static, (2) Comparative Static, and (3) Economic Dynamic! 1. Economic Statics: The terms 'statics' and 'dynamics' though originally borrowed from theoretical mechanics have, by now, become a byword of economic discussions. It is essential to be very clear about the true nature, scope and the boundary lines between [...]
Read this article to learn about the general theory of economics. Below you will find information on (i) The theory are not general; (ii) It is not dynamic; (iii) The equilibrium at underemployment levels is not established; and (iv) It is a depression economics. The General Theory—It’s Generality: In his book J.M. Keynes remarks, "I call this book the General [...]