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...

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...

Keynes made it crystal clear in his comments on the draft copy of Pigou’s future 1937 article in the Economic Journal that Pigou’s fundamental error was to have two different theories of the rate of interest, one determined by the demand and supply of money, and the other one determined by...

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...

The claim made to Robert Skidelsky by Richard Kahn, published in Skidelsky’s 1992 second volume of his autobiography of Keynes, that “…he recalled Keynes himself as being a poor mathematician by 1927…”, is in direct conflict with Kahn’s 1936 reply to Neisser, that "My own ideas were...

The Townshend–Keynes exchanges over decision making, weight of the argument (evidence), non numerical probabilities (Keynes’s term for Boole’s constituent probabilities, used in The Laws of Thought in 1854, that appears on page 163 of the A Treatise on Probability in chapter 15 on inexact...

A major source of confusion about Keynes’s Liquidity Preference theory of the rate of interest is the failure of readers of the General Theory to recognize that chapter 13 is an introductory chapter that lays the ground work and foundations for chapter 15. Keynes’s actual theory is presented...

In August 1937, Keynes discovered that Pigou, with the very explicit and rabid support of Dennis Robertson, was planning on publishing a paper in the Economic Journal which deployed the same type of Marshallian, partial equilibrium,ceteris paribus (constant money income) analysis with functions...

J M Keynes stated the following on p.xii of his General Theory on December 13,1935: “I have also had much help from Mrs. Joan Robinson….who have read the whole of the proof-sheets.” (Keynes,1936, p.xii).In the course of an extensive correspondence with J. Robinson in the months of...

Hicks's 1937 interpretation of Keynes's 1936 General Theory IS-LP(LM) model, which was analyzed in (r,Y) space by Keynes, in which Hicks used his IS-LL model in (Y,r) space, where we use Keynes's Y for income and not Hicks's I for income, supposedly generated much more interest and following...