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events. He found an important role in his approach for a view that is very close to Keynes’s weight of the evidence criterion … from the A Treatise on Probability and confidence from Keynes’s General Theory, as well as Adam Smith’s views on … uncertain environment also led to imprecision in the estimate. Aquinas’s developed a concept that is very similar to Keynes …
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contributions of Keynes. In particular it is argued that the systematic use of probabilistic causality in the General Theory is … particular, the awareness of the relevant ignorance, represented by what is called by Keynes the "weight of argument", affects in …
Persistent link: https://www.econbiz.de/10014119275
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 … Probability, the General Theory,and the 1937 Quarterly Journal of Economics, reveal that Keynes’s discussions about uncertainty in …
Persistent link: https://www.econbiz.de/10014104170
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second. Joseph Schumpeter, with his 1911 Theory of Economic Development contribution, is ranked third, while Keynes with his … Profit, given that Keynes's unpublished Fellowship dissertations of 1907 and 1908 are substantially earlier than Knight … work of Smith, Boole, and Keynes …
Persistent link: https://www.econbiz.de/10013003722
expectation since the basis for making such calculations does not exist” (Keynes, 1936, pp. 162-163) and “individual initiative … will only be adequate when reasonable calculation is supplemented and supported by animal spirits” (Keynes, 1936, p. 162 …) – by “a spontaneous urge to action rather than inaction” (Keynes, 1936, p. 161). It is intended here to examine an …
Persistent link: https://www.econbiz.de/10012971409
Probability and the concept of uncertainty in the General Theory both follow directly from Keynes's analysis and application of …'s definition of uncertainty, not only have nothing to do with the work of J M Keynes, but are directly in conflict with it. Neither …
Persistent link: https://www.econbiz.de/10012948978
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Adam Smith was the first philosopher – economist-political theorist to give a precise definition of uncertainty and then provide his readers with a number of applications of how uncertainty impacts the real economy. Smith even used his uncertainty approach to evaluate his own endeavors. Smith...
Persistent link: https://www.econbiz.de/10013029989