With this treatise, an insightful exploration of the probabilistic connection between philosophy and the history of science, the famous economist breathed new life into studies of both disciplines. Originally published in 1921, this important mathematical work represented a significant contribution to the theory regarding the logical probability of propositions. Keynes effectively dismantled the classical theory of probability, launching what has since been termed the “logical-relationist” theory. In so doing, he explored the logical relationships between classifying a proposition as “highly (...) probable” and as a “justifiable induction.” Unabridged republication of the classic 1921 edition. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and (...) made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

First published in 1982. Routledge is an imprint of Taylor & Francis, an informa company.

Why does trust collapse in times of crisis? And when, instead, does it become a driver of growth, generating value? This book offers an analysis of the dynamics of trust through a sociological interpretation of the thought of John Maynard Keynes, the first economist to understand the full extent of the confidence-lever. In the context of the 2007 crisis and following recession, the innovative concept of Economy of Trust explains how trust spontaneously replaces the weakened institutional system (...) of quality assurance and control and generates value. Indeed, the deficiency of such a system has become the ideal breeding ground for the growth of the Nominal Economy: the economy that distorts the perception of reality as it widens economic and social disparities, unbalances relationships between risk and wealth in the global society and dissolves the bonds of responsibility. In this way, trust is channeled towards strong "new powers", such as hedge funds companies, rating agencies and investment banks. Within this context, only targeted policies of Economy of Trust can funnel the 'store of value' effect generated by trust towards positive intents of building social capital. (shrink)

John F. Henry is an eminent economist who has made important contributions to heterodox economics drawing on Adam Smith, Karl Marx, Thorstein Veblen, and John Maynard Keynes. His historical approach offers radical insights into the evolution of ideas (ideologies and theories) giving rise to and/or induced by the changes in capitalist society. Essays collected in this festschrift not only evaluate John Henry's contributions in connection to Marx's and Veblen's theories, but also apply them to the (...) socio-economic issues in the 21st century. In Part I leading heterodox economists in the traditions of Marxism, Post Keynesianism, and Institutionalism critically examine Marx's and Veblen's theoretical frameworks (and their connections to each other) that have become the foundations of heterodox economics. Chapters in Part II showcase alternative theoretical explanations inspired by Marx, Veblen, and Henry. Topics in this Part include financial crisis, financialization, capital accumulation, economics teaching, and the historical relationship between money and class society. Part III is devoted to John Henry's heterodox economics encapsulated in his "farewell" lecture, interview, and bibliography. Essays in this book, individually and collectively, make an important point that the history of economic thought (or historical analysis of economic theory and policy) is an integral part of developing heterodox economics as an alternative theoretical framework. Anyone who is troubled by the recurring failure of capitalism as well as mainstream economics will find this book well worth reading. (shrink)

ABSTRACTThis paper examines John M. Keynes’s relationship with Gustav Cassel and Eli Hecksher and puts together the events related to his being awarded the 1939 Söderström Gold Medal by The Royal Swedish Academy of Sciences. The correspondence between these economists during the interwar years is detailed, with emphasis on their personal approaches to economic theory and history. Cassel’s and Heckscher’s critical reviews of Keynes’s General Theory are outlined as well. Lastly, an account is provided of the grounds (...) for conferring the award on Keynes while also drawing attention to the conflict-laden proceedings within the Academy when the issue was under consideration by the institution. The final remarks ponder why Keynes received the prize despite the controversy among Swedish economists over the General Theory at the time. (shrink)

John Maynard Keynes, heralded in his own time by the press as "our greatest living economist", is acknowledged as one of the most influential thinkers of the 20th Century. This set presents contemporary responses to Keynes and provides a range of reviews, academic assessments and scholarly essays on Keynes' published works. This important collection draws upon an enormous range of sources, from the popular press to academic journals, and includes responses from Germany, Italy, and France (...) as well as the UK and North America. * Volume One contains reviews of _Indian Currency and Finance_, _The Economic Consequences of Peace_, _The Revision of the Treaty_, _A Treatise on Probability_, _A Tract on Monetary Reform_, _The End of Laissez-Faire_ and _Laissez-Faire and Communism_ * Volume Two contains reviews of _A Treatise on Money_, _Unemployment as a World Problem_, _Essays in Persuasion_, _Essays in Biography_ and _The Means of Prosperity_ * Volume Three contains reviews of _The General Theory of Unemployment, Interest and Money_ and _How to Pay for the War_ * Volume Four includes obituaries and final assessments. (shrink)

The topic of population is treated only lightly in the major modern biographies of John Maynard Keynes, yet Keynes himself had strong - if varying - views on the subject. For many years he maintained a neo-Malthusian view of population, based on a postulated link between population growth and deteriorating terms of trade. This led him to take up a militant stance towards 'overpopulated' countries, notably India, China, and Egypt. Keynes on Population publishes two of (...) John Maynard Keynes's manuscripts not published in the Collected Writings: his Cambridge lectures on population and 1914 Oxford lecture on 'Population'. It provides a detailed commentary on the text of 'Population' and discusses the extent of Keynes's engagement with the Social Darwinist doctrine of the 'rapid multiplication of the unfit' and with eugenics. It then traces the subsequent vicissitudes of his views on population and his interventions in the contemporary politics of population. These include his part in the 1920s campaign for birth control, the reversal of his neo-Malthusianism, and his eventual support for family allowances. (shrink)

John Maynard Keynes was without doubt one of the most influential thinkers of the twentieth century. His work revolutionised the theory and practice of modern economics. It has had a profound impact on the way economics is taught and written, and on economic policy, around the world. The Collected Writings of John Maynard Keynes, published in full in electronic and paperback format for the first time, makes available in thirty volumes all of Keynes's (...) published books and articles. This includes writings from his time in the India Office and Treasury, correspondence in which he developed his ideas in discussion with fellow economists, and correspondence relating to public affairs. Arguments about Keynes's work have continued long beyond his lifetime, but his ideas remain central to any understanding of modern economics, and a point of departure from which each new generation of economists draws inspiration. (shrink)

This paper essays to show the path, that lead from Keynes' conception of chance to his conception of economy. In order to this, we analyze what understand Keynes as chance, his theory of the probability and in what way this, across the expectation, determine the keynesian concept of economy.

Distinguished British economist John Maynard Keynes set off a series of movements that drastically altered the ways in which economists view the world. In his most important work, The General Theory of Employment, Interest, and Money, Keynes critiqued the laissez-faire policies of his day, particularly the proposition that a normally functioning market economy would bring full employment. Keynes's forward-looking work transformed economics from merely a descriptive and analytic discipline into one that is policy oriented. For (...) Keynes, enlightened government intervention in a nation's economic life was essential to curbing what he saw as the inherent inequalities and instabilities of unregulated capitalism. (shrink)

This paper essays to show the path, that lead from Keynes' conception of chance to his conception of economy. In order to this, we analyze what understand Keynes as chance, his theory of the probability and in what way this, across the expectation, determine the keynesian concept of economy.

From unemployment to Brexit to climate change, capitalism is in trouble and ill-prepared to cope with the challenges of the coming decades. How did we get here? While contemporary economists and policymakers tend to ignore the political and social dimensions of capitalism, some of the great economists of the past - Adam Smith, Friedrich List, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi and Albert Hirschman - did not make the same mistake. Leveraging their insights, sociologists John (...) L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system throughout the twentieth and early twenty-first centuries. They draw comparisons across eras and around the globe to show that there is no inevitable logic of capitalism. Rather, capitalism's performance depends on the strength of nation-states, the social cohesion of capitalist societies, and the stability of the international system - three things that are in short supply today. (shrink)

This volume, together with volumes 13 and 29, provides an insight into the development of Keynes's thinking in the monetary field from the time of the Tract in 1923 to the Treatise in 1930, onward to The General Theory in 1936, and after its publication.

Examines the discussions surrounding relief and reconstruction, commodity policy, and the Beveridge program for social insurance and the policy of full employment.

This collection of twelve original essays commissioned by Britain's Royal Economic Society commemorates the 1990 centennial of the first publication of Alfred Marshall's Principles of Economics, one of the truly seminal works in the history of the subject. Marshall, who lived from 1842 to 1924, was the founder of the Cambridge school of economics and the teacher of John Maynard Keynes. Each of the twelve essays in this volume focuses on some aspect or aspects of Marshall's work, (...) life, or legacy. His magnum opus, the Principles, receives considerable attention, but the discussion is not narrowly restricted to that work - which was in any case only a portion of a larger project, never completed. John Whitaker's essay sets out the detailed history of Marshall's failure to complete the projected second volume of the Principles, and describes the thorny path leading to the publication of Industry and Trade in 1919 and Money Credit and Commerce in 1923. (shrink)

The article focuses on issues relating to occupational exposures of researchers and lab workers, and exposures of bystanders such as health care workers and family members during HSR using nanomaterials. Such third-party exposures give rise to unique challenges relating to oversight as well as exposures to worker groups not previously studied. Given the current state of knowledge regarding health risks from such exposures, a more precautionary approach to oversight seems advisable.

Nanomedicine is a rapidly growing field in the academic as well as commercial arena. While some had predicted nanomedicine sales to reach $20.1 billion in 2011, the actual growth was much more rapid, with the global nanomedicine market being valued at $53 billion in 2009, and forecast to increase at an annual growth rate of 13.5% to reach more than $100 billion in 2014. In 2006, more than 130 nanotechnology-based drugs and delivery systems had entered preclinical, clinical, or commercial development. (...) The European Medicines Agency reviewed 18 marketing authorization applications for nanomedicines in 2010. In 2011, 22 drugs that had been approved by the FDA, and 87 Phase I and Phase II clinical trials were listed in the U.S. National Institutes of Health data base, www.clinicaltrials.gov. Although the fastest growing areas of nanomedicine are applications in medical imaging and diagnosis using contrast-enhancing agents, most nanomedicine research and commercialization is in the area of cancer drug therapy, including nano gold shells. (shrink)

SummaryA recent discovery of an exchange of letters between John Maynard Keynes and the Reverend Kenneth Rawlings from 1936 to 1944 shows the way in which Keynes assisted Rawlings in the establishment of permanent amateur theatre premises in the County Town of Lewes. The timing coincided with the onset of World War II, and additional letters from Rawlings to others including the town clerk, Lord Gage, Margeret Masterman and Major G. H. Powell-Edwards reveal the tensions between (...) the ardent pacifist Rawlings and establishment figures as war approached. Steadied by Keynes and like-minded influential figures, Rawlings wins through triumphantly, the theatre effort viewed as an essential cultural asset during the dark war years. It is noted in the present article that Keynes could observe Rawlings enact what became an aim of the Council for the Encouragement of Music with the Arts, of which he became president soon after its conception in 1940—that of providing a theatre for every town in England. (shrink)

In addition to a somewhat detailed exposition of certain portions of what may be called the book-work of formal logic, the following pages contain a number of problems worked out in detail and unsolved problems, by means of which the student may test his command over logical processes. In the expository portions of Parts I, II, and III, dealing respectively with terms, propositions, and syllogisms, the traditional lines are in the main followed, though with certain modifications; e.g., in the systematisation (...) of immediate inferences, and in several points of detail in connexion with the syllogism. For purposes of illustration Euler's diagrams are employed to a greater extent than is usual in English manuals. In Part IV, which contains a generalisation of logical processes in their application to complex inferences, a somewhat new departure is taken. So far as I am aware this part constitutes the first systematic attempt that has been made to deal with formal reasonings of the most complicated character without the aid of mathematical or other symbols of operation, and without abandoning the ordinary non-equational or predicative form of proposition. This attempt has on the whole met with greater success than I had anticipated; and I believe that the methods formulated will be found to be both as easy and as effective as the symbolical methods of Boole and his followers. The book concludes with a general and sure method of solution of what Professor Jevons called the inverse problem, and which he himself seemed to regard as soluble only by a series of guesses. (shrink)

The use of informational terms is widespread in molecular and developmental biology. The usage dates back to Weismann. In both protein synthesis and in later development, genes are symbols, in that there is no necessary connection between their form (sequence) and their effects. The sequence of a gene has been determined, by past natural selection, because of the effects it produces. In biology, the use of informational terms implies intentionality, in that both the form of the signal, and the response (...) to it, have evolved by selection. Where an engineer sees design, a biologist sees natural selection. (shrink)

Concentrating on problems that commonly perplex general readers and beginning students, John Maynard Smith discusses fundamental issues in biology, with emphasis on evolution, development, and cognition. He provides a nontechnical account of molecular genetics, which is the foundation of modern biology, and explores such issues as heredity, animal behavior, the definition and origin of life, the brain and how we know things, artificial and natural intelligence, and genetics. The book is unique in presenting modern ideas in terms that (...) can be understood without an in-depth knowledge of biology. (shrink)

Inevitably, much of this reply will concern points on which I disagree with one or other of the commentators. I should start, therefore, by saying that I am delighted to find that their thinking is in many ways similar to my own, and that a serious attempt is under way to clarify the concept of information in biology.