Shackle's attempt to completely redefine Keynes's definition of uncertainty in chapter 12 of the General Theory, which was that uncertainty is an inverse function of the weight of the evidence as discussed in chapters 6 and 26 of the A Treatise on Probability, as unknowledge (no knowledge of the...

Adam Smith completely rejected Utilitarianism in any form in his lifetime in his two major books, the Theory of Moral Sentiments (1759) and The Wealth of Nations (1776). This paper will examine the basis for Smith’s rejection of Utilitarianism in the Wealth of Nations (1776) only. The Virtue...

This paper compares Marx's economics with those by Sraffa, Keynes, Kalecki and Minsky. The paper takes an "ex post" view on the matter and rather looks at the output side of the respective authors, but not at the input side. This means no attempt is made at studying in a systematic way, if and...

Modern economic theory cannot make sense of the operation of the economy and following from that failing, modern economists are unable to formulate policies that permit the economy to expand and allow real incomes to rise. The central problem is the near universal adoption of Keynesian economic...

This paper, based on the introductory remarks made at the two-day conference on “The State of the Economy, the State of the World,” is an idiosyncratic stocktaking of the trajectory of economics from Adam Smith to contemporary times, with special attention to the rise of development...

Adam Smith was the first economist, philosopher or mathematician in history to give a clear and specific definition of what the term “uncertainty” meant and to apply it consistently in his analysis of decision making in the Wealth of Nations. The term uncertainty for Smith, as it was for...

1. Editorial: Consequences of Social Transformation for Economic Theory -- 2. A Survey on Business Cycles: History, Theory and Empirical Findings -- 3. Implementation of the Evolutionary-Genetic Methodology in the Mechanisms of Synthesis of Economic Theory -- 4. Synthesis of Mainstream and...