[2]S.C Dow (1985) , p5
[3]In assessing Keyness contribution to economics, we will only consider the contribution of the General Theory of Employment, Interest and Money (1936). It should be noted, however, that Keynes produced several other major works of which the most influential is A Treatise on Money (1930).
[4]This is not to say that a barter economy was preferable.
[5]This fact is highlighted by the simultaneous existence of rational expectations in the New Keynesian school.
[6] Schiller, p 228
[7] For example, rational man choosing his optimal consumption bundle given a limited income.
[8]Muth, p 316
[9]Mullineaux, p 330
[10]Shaw (1984) p 36
[11]Ibid. p 36
[12]Friedman (1979) p 24
[13]Greenaway and Shaw, p 287
[14]See Friedman (1979), p 38 for this argument.
[15]Shaw (1984), p 34/35
[16]This issue can bring us into the depths of economic games and even psychology where we should investigate what 'rational' is and how its interpretation to different people is influenced by the actions of others.
[17]Shaw (1984), p 35
[18]Attfield, Demery & Duck, p 22
[19]Shaw (1983), p 106
[20]For example, see Friedman (1980)
[21]Mishkin (1983)
[22]This uses the F-test to test for structural stability in an econometric model.
[23]For the Chow Test to be accurate the consistency criterion must be met.
[24]See Mullineaux for a discussion of these alternative methods.
[25]Shaw (1989), p 34
[26]Sargent and Wallace, p 254
[27] Wilson, (1958) p 3
[28] Ibid. p 5
[29] Ibid. p 51
[30] Blaug (1990) p 15
[31] Keynes (1936) p 340 At least one later writer (Appelby, (1978 p 68) argues that the tack taken by Mun was to change the argument concerning usury so that ...interest was presented as a way of stimulating economic investments, which would promote productivity rather than the deadly sin of sloth. And the role of Bullion to bring about lower interest rates is also supported by Gomes.(1987)
[32] Unemployment that is attributed to an insufficient level of aggregate demand; cf. Keynes (1936)p 26
[33] Ekelund & Hebert (1975) p 37 (The opposite view is held by Terence Hutchison)
[34] Blaug (1990) p 16
[35] Roll (1992) p 53
[36] Appelby, (1978) p 26
[37] Wilson, (1958) p 19
[38] Angell, (1926) p 10
[39] Supple, (1957) p 252
[40] Mun, (1664) p 5
[41] Johnson, (1937) p 78
[42] Herlitz, (1964) p 115
[43] Heckscher (1931) Vol. II, p 249
[44] Supple, (1970) p 218
[45]The mechanism states that a favourable balance of payments will result in an inflow of bullion that raises prices, which then will discourage exports and encourage imports. The balance of payments will become unfavourable, bullion will flow out and an equilibrium will be restored at a new level.
[46]Blaug (1990) p 12
[47]Muchmore, (1970) p 501 p 353
[48]Viner, J (1930)
[49]Blaug (1990)p 18; Gomes (1987) p 55; Hinton, (1955) p 283; Angell (1926) p 15
[50]Gomes op.cit. p 105
[51]Wilson (1958) p 62
[52]Wilson (1958) p 64; Gould (1987) p 131; Supple (1990) p 218; Rubin (1929) p 53
[53]Herlitz, (1964) p 117
[54]Pribram, p 48
[55]Appleby, op.cit., p 41