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...

The operational definitions of uncertainty used by John M. Keynes and Frank H. Knight are based on missing information that will not be available to the decision maker at any time. The founder of this approach is George Boole. This leads to indeterminate interval probabilities. The definition of...

This paper deals with Keynes’ theoretical stance toward classical economics from the viewpoint of effective demand. In the first section, a recap of the pivotal role attributed to overall demand in the dynamics of the business cycle by many economists prior to the “General Theory” is...