Adam Smith and J M Keynes were both practitioners of virtue ethics who rejected Benthamite Utilitarianism. Their axiomatic foundations consist of the following three axioms only. The first is that probabilities are nonadditive, in general. Additivity is a special case. The second is that...

All of J .M .Keynes's earlier 1933-1935 versions of his IS-LM(LP) model contained a serious inconsistency. These earlier models all incorporated both actual and expected outcomes in the same model. The units did not match up. Keynes solved this problem by himself by splitting off the D-Z model...

Keynes ‘s General Theory has two separate, but interrelated models. Keynes called these models the D-Z and IS-LP(LM) models. The D-Z model deals only with expected results and outcomes. Expectations, uncertainty and confidence are dealt with by Keynes through his analysis of D=D1+D2 and Z=Z1...

Shackle's attempt to completely redefine Keynes's definition of uncertainty in chapter 12 of the General Theory, which was that uncertainty is an inverse function of the weight of the evidence as discussed in chapters 6 and 26 of the A Treatise on Probability, as unknowledge (no knowledge of the...

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,...