This paper provides evidence on how Keynes devised a mathematical framework for his system of probability, which he called «approximation», in A Treatise on Probability, 1921. Keynes used standard conditional, mathematical probability to duplicate Boole’s results in the Challenge problem. He...

This paper reconstructs how Keynes managed to formally develop the concept of aggregate supply in chapter 20 of the General Theory. As a preamble, the first section recaps Don Patinkin’s long struggle to devise the correct expression for the so-called Z curve while, at the same time, he...

Anthony Downs's (1962) traffic congestion analysis is given a generalized theoretical foundation. It is demonstrated that only two equilibrium saddle points--one stable, the other unstable--can be attained. Once the stable equilibrium is reached, traffic planning and control measures such as...