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They were regarded at the time, many of them, as extreme and reckless utterances.But I think that the reader, looking through them to-day, will admit that this was because they often ran directly counter to the overwhelming weight of contemporary sentiment and opinion, and not because of their character in themselves.
Indeed, though a brilliant mathematician himself and the author of a great mathematical work, '' Treatise on Probability,'' Keynes tried to warn his fellow economists against undue reliance on mathematics in economics.
He wrote the following in an essay on his own great teacher, Alfred Marshall:'' Unlike physics, for example, such parts of the bare bones of economic theory as are expressible in mathematical form are extremely easy compared with the economic interpretation of the complex and incompletely known facts of experience, and lead one but a very little way toward establishing useful results.'' Marshall felt all this with a vehemence which not all his pupils have shared.
This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996.
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For this would force the investor to direct his mind to the long-term prospects and to those only.” “The intelligentsia of the Left were the loudest in demanding that the Nazi aggression should be resisted at all costs.
Rare books by John Maynard Keynes including first edition, signed first edition, and finely bound copies of The Economic Consequences of Peace, and General Theory of Employment.
The preliminary mathematics was for him child's play.
Of the two perhaps deflation is, if we rule out exaggerated inflations such as that of Germany, the worse; because it is worse, in an impoverished world, to provoke unemployment than to disappoint the rentier.
But it is necessary that we should weigh one evil against the other.