Adam Smith rejected the use of the mathematical laws of the calculus of probabilities because the basic information-data-knowledge provided in the real world of decision making did not allow a decision maker to specify precise, definite, exact, numerical probabilities or discover the probability...

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...

R. Pearl’s attempt to review J M Keynes’s A Treatise on Probability for Science is only a near fiasco compared with the failed attempt made by Ronald Fisher to review Keynes’s book for the Eugenics Society. It provides the educated reader with minimal value. How this review made it through...

J M Keynes’s A Treatise on Probability is built on the mathematical and logical foundations of G E Boole’s 1854 The Laws of Thought. Boole introduced the first technical attempt (Adam Smith was the first to specify and solve two such indeterminate problems in The Wealth of Nations) at...

Keynes’s definition of uncertainty is directly based on his weight of the argument (evidence) relation, analyzed in 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 (1936), and multiple pages of his February, 1937...

The common view among economists is that Adam Smith’s technical and economic analysis in the Wealth of Nations (1776) was not original and/or had been borrowed, much without proper credit or citation being made to the original authors. Smith’s contribution was taking the works of others and...

There simply is no way that Richard Cantillon, in his Essai (1755), can be assessed as being, in any way close to, much less the equal of, Adam Smith as an economic theorist. Adam Smith made uncertainty, as opposed to the linear risk concept based on the mathematical laws of the probability...

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...