Paul Davidson and his Post Keynesian-Institutionalist supporters have erred egregiously in basing their Ergodic-Non Ergodic theory of uncertainty and risk on the inductive fallacy of Conditional A priorism (Long Runism). The claim, made by Paul Davidson and his Post Keynesian-Institutionalist...

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...

Backhouse and Bateman attempt to evaluate Keynes’s written words in the General Theory concerning his view of how useful mathematical analysis is in economics. They simply lack the basic tools needed to accomplish the task. This failure , however ,is not an isolated one. The same failure is...

The operational definitions of uncertainty used by John M. Keynes and Frank H. Knight are based on missing information that will not be available to the decision maker at any time. The founder of this approach is George Boole. This leads to indeterminate interval probabilities. The definition of...

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...

Smith, Keynes, and Knight, in that order, made seminal contributions to decision making which emphasized uncertainty and indeterminate probabilities, as opposed to mere imprecision. De Finetti’s views on uncertainty are diametrically opposed to those of Smith, Keynes, and Knight once the clear...

Smith was the first economist and/or philosopher to understand how uncertainty; (a) was different from risk calculations based on fair/unfair lotteries where there was a large amount of evidence; (b) would have to be represented mathematically by intervals; (c) that uncertainty came in degrees or...

Keynes’s IS-LM model in the General Theory, defined in (r,Y) space and contained in chapter 21 in Part IV on pp. 298-299 of the General Theory, was derived from the underlying D-Z model of Chapter 20 that incorporated expectations and uncertainty into the P(expected economic profits-Z) and...

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...

Keynes’s very negative reaction to J. Robinson’s misuse of Keynes’s initial, beginning, introductory, preliminary exposition of liquidity preference in chapter 13 of the General Theory is explained by the fact that J. Robinson was repeating the same identical error made by R. Hawtrey, D....