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- John Maynard Keynes (1921/2004). A Treatise on Probability. Dover Publications.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.
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Keynes's A Treatise on Probability (Keynes, 1921) contains some quite unusual concepts, such as non-numerical probabilities and the ‘weights of the arguments’ that support probability judgements. Their controversial interpretation gave rise to a huge literature about ‘what Keynes really did mean’, also because Keynes's later views in macroeconomics ultimately rest on his ideas on uncertainty and expectations formation.
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