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A Road Map for Economists, Logicians, Philosophers, Mathematicians, Statisticians, Psychologists and Decision Theorists Seeking to Follow the Mathematical Structure of Keynes’s Approach to Specifying Lower and Upper Bounds for Probabilities in the A Treatise on Probability, 1921
Brady, Michael Emmett; Arthmar, Rogério - 2010
of an interval estimate. His critique of Keynes's theory is based on a poor reading of chapter 3 of the A Treatise on …
Persistent link: https://www.econbiz.de/10014194579
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Adam Smith’s Approach to Virtue Ethics Had Nothing Whatsoever to Do With the Invisible Hand of the Market
Brady, Michael Emmett - 2018
Adam Smith’s version of Virtue Ethics can be traced directly back to Plato (Socrates) and Aristotle. Smith basically skipped Aquinas and Augustine because they were also Catholic theologians, as well as philosophers. Referencing them would not have been looked upon kindly by the Scottish...
Persistent link: https://www.econbiz.de/10014115009
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Keynes's Application of Virtue Ethics in the General Theory in Chapter 9
Brady, Michael Emmett - 2018
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 … Theory of Moral Sentiments into the virtue of self command. Adam Smith’s and Keynes’s explicit use of an Aristotelian, Virtue …
Persistent link: https://www.econbiz.de/10014116889
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An Examination of the Fundamental Reasons Why Frank Ramsey Failed in His Reviews of J M Keynes's a Treatise on Probability
Brady, Michael Emmett - 2017
only in the standard mathematical theory of probability. The crucial assumption for Ramsey was additivity. Of course …
Persistent link: https://www.econbiz.de/10014122608
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Adam Smith’s Sixth Edition of The Theory of Moral Sentiments in 1790 was specifically devised to refute Jeremy Bentham’s 1787 attacks on Virtue Ethics and The Wealth of Nations as...
Brady, Michael Emmett - 2020
explicit attack on Adam Smith’s The Theory of Moral Sentiments and The Wealth of Nations on pages 8-23 in chapter Two of The … on the principle of utility alone and nothing else.Smith’s The Theory of Moral Sentiments is based on sympathy ,but not … antipathy. However, the major foundation for The Theory of Moral Sentiments is the virtue of prudence, since ,without prudence …
Persistent link: https://www.econbiz.de/10014101694
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Comparing Augustine's Version of Adam Smith's 'the Poor Man's Son' Analysis with Adam Smith's Version : Wealth Can't Make You Happy, but the Pursuit of Virtue Will
Brady, Michael Emmett - 2019
Augustine’s argument about the failure of wealth to insure one’s happiness is very similar to Adam Smith’s position except that Augustine compares a lower income or middle income class citizen with a rich citizen while Smith compares a lower income class citizen,or poor citizen, with a...
Persistent link: https://www.econbiz.de/10014107185
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On the Immense and Severe Confusions and Muddles About the Nature of Subjective and Objective Probability in the Theory of Rational Expectations : A Subjective Probability (Distrib...
Brady, Michael Emmett - 2018
subjective theory of probability is that the subjective probabilities must be additive, so that they are coherent, which means … frequency theory of probability, which can only hold in the very long run as one approaches infinity. Rational expectationists …
Persistent link: https://www.econbiz.de/10014109858
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Indeterminate versus Imprecise Interval Probabilities : The Keynes-Knight and the De Finetti-Savage Approaches
Brady, Michael Emmett; Arthmar, Rogério - 2015
The operational definitions of uncertainty used by John M. Keynes and Frank H. Knight are based on missing information that will not be available to the decision maker at any time. The founder of this approach is George Boole. This leads to indeterminate interval probabilities. The definition of...
Persistent link: https://www.econbiz.de/10014138476
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Indeterminate Probabilities and Smithian and Keynesian Uncertainty
Brady, Michael Emmett - 2014
Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...
Persistent link: https://www.econbiz.de/10014142839