The Post Keynesian, Institutionalist and Heterodox schools of economics have failed for 83 years to discern the definition of uncertainty given by Keynes in footnote 1 on page 148 of the General Theory that was repeated on page 240 of the General Theory.The footnotes on page 148 and 240 of the...

J M Keynes's two logical relations of rational degree of probability, α, 0≤α≤1 and Evidential Weight of the Argument, w, 0≤w≤1, where w measures the degree of completeness of the evidence, can't be represented or associated with ordinal probability, although Keynes's theory of...