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...

A careful examination of Wilson's 1948 claim that it was clear that Keynes was not a good mathematician immediately crumbles into dust once Wilson's own recommended reviews of the A Treatise on Probability are examined, as well as the then unpublished Edgeworth – Wilson exchanges where Wilson...

There is no IS-LM (LP) model of Keynes's theory of the rate of interest and liquidity preference in chapter 18 of the General Theory. Keynes made it very clear in Section IV of chapter 15 that he was going to give a brief summary of his theory and application of the model there while he would...

There is no IS-LM (LP) model of Keynes's theory of the rate of interest and liquidity preference in chapter 18 of the General Theory. Keynes made it very clear in Section IV of chapter 15 that he was going to give a brief summary of his theory and application of the model there while he would...