William Stanley Jevons' misevaluated Adam Smith's contributions in the Wealth of Nations in 1881 by overlooking the originality of Smith's unique contributions to decision theory, his definition of uncertainty, and his application of the uncertainty versus risk distinction in Smith's analysis of...

Adam Smith was the first philosopher – economist-political theorist to give a precise definition of uncertainty and then provide his readers with a number of applications of how uncertainty impacts the real economy. Smith even used his uncertainty approach to evaluate his own endeavors. Smith...

Adam Smith was the first academic in history to make an explicit, detailed Uncertainty – Risk distinction and apply it clearly in a number of worked out examples and applications consistently in his analysis of decision making in the Wealth of Nations on occupational choice, businesses such as...

J M Keynes solved the problems of the certainty, reflection, translation, and preference reversal effects long before these effects were specified in the post world war II literature by psychologists. Keynes recognized in chapter 26 of the A Treatise on Probability (1921; p.313) that all of these...

These days it's become convention (reinforced by the media's treatment of wealth) to assess our net worth by tallying up the market value of our financial assets, even though it's more natural and useful to think of our wealth as a stream of dollars over time given the nature of our income and...

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...