Keynes chose to base the General Theory on the same type of microeconomic foundations that are contained in A C Pigou's The Theory of Unemployment (1933), Part II, Chapters 8-10. This allowed Keynes to make a direct comparison - contrast between the two models in the appendix to Chapter 19....

This note demonstrates that the mathematical analysis in the so called, alleged, "Infamous" footnote in the General Theory is straightforward if the reader possesses basic integration skills, understands the Inverse Function Rule for unique functions, can follow Keynes's completely worked out...

J M Keynes's Principle of Indifference is not the same as Laplace's Principle of Nonsufficient Reason. The application of Keynes's Principle of Indifference requires that the calculation of the probabilities be based on the existence of positive, symmetrical evidence. This requires that 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...

Adam Smith recognized that there was a severe problem in all free market economies that no “Invisible Hand of the Market” could ever deal with effectively. Based on his readings of Plato (Socrates) and Aristotle, Smith explicitly identified a certain segment of upper income class individuals...

Keynes provided a technical analysis on pages 179-181 of the General Theory that identified two separate rates of interest, r1 and r2, each different rate of interest associated with a different Demand for Investment and Supply of Savings Intersection. Each combination would provide a different,...