By R.M. O'Donnell
Lately, a brand new quarter of scholarship has dependent itself at the undeniable fact that Keynes was once a thinker prior to he used to be an economist. It goals to supply extra profound understandings of Keynes's fiscal writings via an exam of his philosophical contributions, really his Treatise on likelihood and his many unpublished papers. Its crucial rivalry is that drawing close Keynes easily as 'an economist' is inadequate, and that a lot richer viewpoints emerge whilst he's considered as 'a philosopher-economist'. As this booklet makes transparent energetic debates proceed, even if, over how top to interpret Keynes's philosophical stances.
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Extra info for Keynes as Philosopher-Economist: The Ninth Keynes Seminar held at the University of Kent at Canterbury, 1989
165; 1988, p. 142). The only evidence offered for this contention is quotations from Keynes relating to 'practical certainty' and the 'number of contraries', both of which are irrelevant to the issue. But the claim illustrates how errors easily multiply. Since Keynes's probabilities, for Carabelli, are grounded 'in practice', and since 'practical certainty' does not imply the impossibility of its contradictory, it is inferred that Keynes's logic does not obey the principle of non-contradiction.
III THE GENERAL THEORY While uncertainty and expectations have been widely (but not universally) recognised to be essential elements in the GT impregnating all its main concepts, there have been comparatively few attempts to dig below the surface to uncover analytical foundations. My contention is that the appropriate point of departure for understanding these foundations and for unravelling some of their puzzling features is the conceptual framework of the TP. In fact, I think certain key issues in the GT can only be fully understood with the aid of the TP.
Under conditions which are so destructive of the traditional, strong forms of rationality, how, he asks, 'do we manage ... ' (CW XIV 114, emphasis added). His response is that we employ 'a KEYNES ON PROBABILITY 43 variety of techniques', or 'principles' for dealing with extreme uncertainty. Three of these strike Keynes as the most important, each being a brief summary of points previously made in the GT - the inductive procedure; an acceptance of existing prices and character of output as reflecting a correct estimation of future prospects; and the reliance by ignorant individuals on the majority judgment of others.