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...

This paper shows how Keynes used the neoclassical marginal productivity theory of one variable input, labor, and one fixed input, capital, to embed expectations of future prices and profits in a micro foundation of the theory of purely competitive firms. Keynes then generalized his technical...

Keynes's initial, introductory presentation of his inexact measurement, approximation approach to interval valued probability occurred on pages 38-40 of chapter III of the A Treatise on Probability. Keynes used a simple diagram on page 38 to illustrate the non linear and non additive nature of...

P. Oslington's (2012) Invisible Hand (the ”providential hand of God”) is viewed by him as the providential hand of God, who is watching over the macro economy of Scotland to make sure that nothing evil befalls the Scottish economy. The problem is that Oslington is completely oblivious to the...