This paper provides evidence on how Keynes devised a mathematical framework for his system of probability, which he called «approximation», in A Treatise on Probability, 1921. Keynes used standard conditional, mathematical probability to duplicate Boole’s results in the Challenge problem. He...

This paper reconstructs how Keynes managed to formally develop the concept of aggregate supply in chapter 20 of the General Theory. As a preamble, the first section recaps Don Patinkin’s long struggle to devise the correct expression for the so-called Z curve while, at the same time, he...

Economists have been unable to comprehend the logical framework of Keynes’ A Treatise on Probability (1921) and General Theory (1936). This is due to their failure to read both works in their entirety. Instead, they concentrate on the first three chapters of Part I of the General Theory or the...

Keynes’s mathematical economics analysis of the Aggregate Supply Function and the Aggregate Supply Curve contained in footnote two on p.55 of the General Theory is correct with the exception of a very minor error that can easily be spotted by anyone who has worked through Keynes’s chapter 20...

In 1922, F.Y. Edgeworth asked the readers of the world’s leading philosophy journal Mind for help in analyzing Keynes’s conventional coefficient of risk and weight, c. Keynes had created the first decision rule in history that generalized the linear and additive expected value and expected...

This paper concentrates on Keynes’s solution to a version of Boole’s Challenge Problem of 1851. The problem is solved by Keynes mathematically at the end of Chapter 15 of the A Treatise on Probability, 1921. A study of this problem demonstrates Keynes’s understanding of Boole’s technique...

J Smithin’s recent June, 2012 draft article, titled “A Rehabilitation of the Model of Effective Demand from Chapter 3 of Keynes’s General Theory (1936)”, provides an excellent summary of the error filled Post Keynesian D-Z model, as well as focusing on Patinkin’s partially correct...

G L S Shackle and Joan Robinson both adopted the Neoclassical position that there could only be one theoretical equilibrium position in either the short run or long run. They combined this supposition with their own redefinition of the concept of uncertainty to mean complete, total, fundamental...

Adam Smith’s version of Virtue Ethics can be traced directly back to Plato (Socrates) and Aristotle. Smith basically skipped Aquinas and Augustine because they were also Catholic theologians, as well as philosophers. Referencing them would not have been looked upon kindly by the Scottish...