Keynes’s mathematical economics analysis of the Aggregate Supply Function and the Aggregate Supply Curve contained in footnote two on p.55 of the General Theory is correct with the exception of a very minor error that can easily be spotted by anyone who has worked through Keynes’s chapter 20...

G L S Shackle and Joan Robinson both adopted the Neoclassical position that there could only be one theoretical equilibrium position in either the short run or long run. They combined this supposition with their own redefinition of the concept of uncertainty to mean complete, total, fundamental...

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...

Eight centuries ago, Thomas Aquinas clearly differentiated between probability and uncertainty in decision making. He viewed probability eclectically as having elements that involved propositions about events, frequency of events, and single events. He found an important role in his approach for...

Keynes was very clear in his reply to Hawtrey’s extensive letter of February 1st, 1936, that the demand and supply of money alone did not determine the rate of interest. It is completely unclear to this author how it came to pass that Keynes’s theory of the determination of the rate of...

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 Keynes. The four main virtues in the Greek version of...

The economics profession has completely mixed up Adam Smith’s definition of self-interest, by which Smith means the absolute necessity of successfully applying the Virtue of Prudence, with Jeremy Bentham’s directly conflicting definition of self-interest, which is the Vice of Greed,...

Frank P Ramsey did not consider the possibility of representing the concept of probability by an interval valued approach in his lifetime. Ramsey considered probability to be either ordinal or numerical. There was absolutely no room for interval estimates and interval probability in his...