Jacob Marschak badly misinterpreted Keynes's critique of the Marshallian partial equilibrium approach to mathematical economics, as exemplified by A C Pigou, in the General Theory in 1936 when he helped set up the September, 1936 Econometrica seminar dealing with the General Theory, where Meade,...

J.M. Keynes's criticisms of the Marshallian, partial equilibrium (ceteris paribus) approach to mathematical modeling in the General Theory on pages 275- 276 and 297-298, where the mathematical modeling relies on functions with only one independent variable, has been completely misinterpreted by...

Economists for over two and one half centuries have completely and totally confused and mixed up the Virtue ethics approach of Adam Smith with the Utilitarian ethics approach of Jeremy Bentham. The major snafu concerns the directly conflicting definitions of self interest of Smith and...

Viner's understanding of Smith's The Theory of Moral Sentiments is very poor. He overlooked the close connections that existed between The Theory of Moral Sentiments and The Wealth of Nations in his 1927 article on Smith in the Journal of Political Economy. The reason why Viner committed these...

Gavin Kennedy has carefully shown that the “Invisible Hand” myth, that greedy and selfish private optimizing behavior leads to a social macro optimum that benefits all, had nothing to do with Adam Smith's use of the invisible hand metaphor in The Wealth of Nations. Kennedy also showed that...