Showing 1 - 10 of 11
J. Muth's 1961 article on rational expectations was written without any knowledge on Muth's part about what a subjective theory of probability entails and is based on, or what an objective theory of probability entails and is based on. Muth's disbelief, that the individual, subjective...
Persistent link: https://www.econbiz.de/10012909620
An analysis of Confucius and Smith demonstrates that both are presenting arguments that are extremely close in their conclusions.The Analects present a powerful case against utilitarian ethics in a manner which is very similar to Smith's argument against utilitarianism.Smith and Confucius...
Persistent link: https://www.econbiz.de/10012889656
J M Keynes's approach to the use of mathematics is based on his interactions with Bertrand Russell, Alfred North Whitehead, William Ernest Johnson, C. D. Broad, G. E. Moore, and Alfred Marshall. His views were carefully expressed in the A Treatise on Probability and General Theory. Keynes...
Persistent link: https://www.econbiz.de/10012870871
Economists have been unable to comprehend the logical framework of Keynes’ A Treatise on Probability (1921) and General Theory (1936). This is due to their failure to read both works in their entirety. Instead, they concentrate on the first three chapters of Part I of the General Theory or the...
Persistent link: https://www.econbiz.de/10014178068
Adam Smith’s The Theory of Moral Sentiments (1759) provided a general analysis of virtue ethics (prudence, temperance, courage, justice, benevolence, where Smith combined the virtues of temperance and courage into the virtue of self command) that was applied to all areas of a human society...
Persistent link: https://www.econbiz.de/10014104996
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...
Persistent link: https://www.econbiz.de/10014115009