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Schumpeter's Misevaluation of Adam Smith's Original Contributions in the Wealth of Nations - What Schumpeter Overlooked in Chapter 10 of Part I

Brady, Michael Emmett - 2015

Analysis (1954) by overlooking the originality of Smith's unique contributions to decision theory, his definition of …

Persistent link: https://www.econbiz.de/10013018072

The Das Economist Problem from 1790-2016 : The Failure of Economists to Understand Adam Smith's Ethical Foundation, Based on Virtue Ethics, for the Wealth of Nations

Brady, Michael Emmett - 2016

The major impediment standing in the way for economists seeking to understand Adam Smith's The Theory of Moral …

Persistent link: https://www.econbiz.de/10012977960

Rational belief bubbles

Sohn, Hyun-U; Sornette, Didier - 2020

We propose an extension of the class of rational expectations bubbles (REBs) to the more general rational beliefs setting of Kurz (1994a,b). In a potentially non-stationary but stationarizable environment, among an heterogenous population of agents, it is possible to hold more than one...

Persistent link: https://www.econbiz.de/10012181099

On FIRE, news, and expectations

Born, Benjamin; Enders, Zeno; Müller, Gernot J. - 2023

The full-information rational expectations (FIRE) assumption is at the core of modern macroeconomics. We revisit recent evidence which rejects FIRE based on survey data. It relates forecast errors to news at different levels of aggregation. The evidence based on consensus forecasts testifies...

Persistent link: https://www.econbiz.de/10014295508

Adam Smith, Not J M Keynes or Frank Knight, Was the First Scholar to Make the Uncertainty – Risk Distinction Explicitly and Apply it Rigorously

Brady, Michael Emmett - 2016

second. Joseph Schumpeter, with his 1911 Theory of Economic Development contribution, is ranked third, while Keynes with his …

Persistent link: https://www.econbiz.de/10013003722

Adam Smith, the Wealth of Nations, and the 'Invisible Hand' : A Metaphor for Ambiguity-Uncertainty Aversion by Decision Makers

Brady, Michael Emmett - 2016

Adam Smith. Smith's argument is an application of his very advanced decision theory that regarded the standard mathematical ….Smith completely rejects the ethics and decision theory of Jeremy Bentham, as well as all approaches built on it, such as the …

Persistent link: https://www.econbiz.de/10013005383

F. P. Ramsey's 1922 Cambridge Magazine Review of J M Keynes's A Treatise on Probability (1921) : An Intellectual Quagmire

Brady, Michael Emmett - 2016

Ramsey's 1922 “review” of J M Keynes's A Treatise on Probability (1921) is an intellectual mess. Ramsey fails to score even one point against Keynes. It was most likely published because of Ramsey's alleged reputation as the “boy genius”. There are myriad errors in the review. For just...

Persistent link: https://www.econbiz.de/10012989770

Adam Smith's Interval Valued Approach to Probability : Why was It Overlooked by Academics for 239 Years?

Brady, Michael Emmett - 2015

Persistent link: https://www.econbiz.de/10013022250

J M Keynes on the Definition of Uncertainty : Why Uncertainty Must Come in Degrees and Has Nothing to Do with Ergodicity or Non Ergodicity

Brady, Michael Emmett - 2016

chapters 6 and 26 of the A Treatise on Probability (1921), page 148, as well as the footnote on page 148, of the General Theory …

Persistent link: https://www.econbiz.de/10014130114

Backhouse, Bateman, the Post Keynesians, and the General Theory - An Examination of Their Failure to Understand the Languages of English and Mathematics When Attempting to Read and...

Brady, Michael Emmett - 2015

Backhouse and Bateman attempt to evaluate Keynes’s written words in the General Theory concerning his view of how … accept the work in decision theory of Ramsey, de Finetti ,Savage, M. Friedman or J. Tobin. Their understanding of what … calculus of probabilities upon which Subjective Expected Utility (SEU) theory is built. Keynes, correctly, viewed this type of …

Persistent link: https://www.econbiz.de/10014135289