This paper examines heterodox theories of the determinants of the value of money. Orthodox approaches that tie money's value to relative scarcity of money or to the price level are rejected as inconsistent with the monetary theory of production embraced by heterodox traditions linked to Marx,...

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...

The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...

The paper sketches a coherent history of the choice of the measure standard from Adam Smith's Wealth of Nations to Sraffa's Production of Commodities. As neither the Smithian labour commanded unit nor the Ricardian-Marxian labour embodied one provide a general solution to the dilemma concerning...

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...

Keynes carefully and methodically devoted chapter nine of the General Theory to a detailed discussion of Virtue Ethics which is related to Adam Smith’s discussion in The Theory of Moral Sentiments. Both Virtues and Vices were considered by Keynes. The four main virtues in the Greek version of...

Keynes made it crystal clear in his comments on the draft copy of Pigou’s future 1937 article in the Economic Journal that Pigou’s fundamental error was to have two different theories of the rate of interest, one determined by the demand and supply of money, and the other one determined by...

Frank P Ramsey did not consider the possibility of representing the concept of probability by an interval valued approach in his lifetime. Ramsey considered probability to be either ordinal or numerical. There was absolutely no room for interval estimates and interval probability in his...

The claim made to Robert Skidelsky by Richard Kahn, published in Skidelsky’s 1992 second volume of his autobiography of Keynes, that “…he recalled Keynes himself as being a poor mathematician by 1927…”, is in direct conflict with Kahn’s 1936 reply to Neisser, that "My own ideas were...

The Townshend–Keynes exchanges over decision making, weight of the argument (evidence), non numerical probabilities (Keynes’s term for Boole’s constituent probabilities, used in The Laws of Thought in 1854, that appears on page 163 of the A Treatise on Probability in chapter 15 on inexact...