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...

Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He viewed probability eclectically as having elements that involved propositions about events, frequency of events, and single events. He found an important role in his approach for...

The current dominant belief among economists that Smith made no original contributions to economic theory outside of presenting an original system of thought that was composed of the original analysis of other thinkers is incorrect.Smith made four unique contributions which have been overlooked....

Economists, working in the Heterodox schools of economics, have severely confused Keynes's interval valued probability–weight of the evidence approach to decision making from the A Treatise on Probability, that Keynes integrated into the General Theory by way of his definition of uncertainty...

The differences between Knight's approach in Risk, Uncertainty and Profit (1921) and Keynes's logical theory of probability approach in the A Treatise on Probability (1921), on the one hand, and the Ramsey-Savage-de Finetti Subjective or Bayesian approach, on the other hand, are based on the...

This paper examines the historical oversights contained in one of P Wakker's articles on Uncertainty that is contained in The New Palgrave Dictionary of Economics (2008).The same error is incorporated in all of his other articles and books written on this topic, so it is representative of his...