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The Virtues of Prudence and Self-Command, not Jeremy Bentham’s Max U or the Invisible Hand of the Market, are Adam Smith’s Foundation for the Wealth of Nations
Brady, Michael Emmett - 2019
The Theory of Moral Senti ... …
Persistent link: https://www.econbiz.de/10012864508
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On Kennedy's Literary Proof of the Impossibility that Smith Had a 'Theory of the Invisible Hand of Markets' in the Wealth of Nations
Brady, Michael Emmett - 2018
G. Kennedy carefully examined the conflict that Smith covered in The Wealth of Nations brought about by Upper Income citizens that Smith classified as “Projectors, Imprudent risk takers, and Prodigals”. Their behavior led to very detrimental, negative outcomes in the macro economy as a...
Persistent link: https://www.econbiz.de/10012930902
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What Caused Harrod to Completely Capitulate to Keynes in His Letter of August 30, 1935? The Answer Can Be Found in Keynes’s Letter to Harrod of August 27, 1935, Where Keynes Demons...
Brady, Michael Emmett - 2018
acknowledge that Keynes had made a “radical reconstruction” of the theory of the rate of interest. Special significance can be … given to Keynes's three point post script in which Keynes demonstrated that the classical theory of the rate of interest had … a radical reconstruction of the theory of the rate of interest in his letter of August 30, 1935.The result was that …
Persistent link: https://www.econbiz.de/10012911516
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Adam Smith, the Wealth of Nations, and the 'Invisible Hand' : A Metaphor for Ambiguity-Uncertainty Aversion by Decision Makers
Brady, Michael Emmett - 2016
Adam Smith. Smith's argument is an application of his very advanced decision theory that regarded the standard mathematical ….Smith completely rejects the ethics and decision theory of Jeremy Bentham, as well as all approaches built on it, such as the …
Persistent link: https://www.econbiz.de/10013005383
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Adam Smith’s Very Brief Mention and Discussion of the Invisible Hand, In His The Theory of Moral Sentiments and The Wealth of Nations, Was Not Intended to Provide Any Theoretical F...
Brady, Michael Emmett - 2019
Adam Smith’s The Theory of Moral Sentiments (1759) provided a general analysis of virtue ethics (prudence, temperance … that provided a general theory of decision making that applied to all aspects of society, and his General Theory (1936 …), which applied his general theory of decision making to one specific area, the area of macroeconomics, which was the study of …
Persistent link: https://www.econbiz.de/10014104996
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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 and the Classics : The Simplest Approach
Arthmar, Rogério; Brady, Michael Emmett - 2011
economists prior to the “General Theory” is conducted, with special attention to the works of Marshall, Wicksell and Pigou. In … appendix. We relate this to the modern approach to decision theory that is based on capacities …
Persistent link: https://www.econbiz.de/10014184600
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On Adam Smith's Anti-Utilitarianism in the Wealth of Nations
Brady, Michael Emmett - 2015
Adam Smith completely rejected Utilitarianism in any form in his lifetime in his two major books, the Theory of Moral … the Wealth of Nations (1776) only. The Virtue ethics approach presented in his earlier The Theory of Moral Sentiments … Wealth of Nations in decision theory. The first advance was based on his interval valued approach to probability that, in …
Persistent link: https://www.econbiz.de/10014135252