In Chapter 12 of the General Theory, on “The State of Long-Term Expectation,” Keynes writes: “It would be foolish, in forming our expectations, to attach great weight to matters which are very uncertain”. In a footnote to this sentence, Keynes points out that by “very uncertain” he does not mean the same as “very improbable” and refers to the chapter on “The Weight of Arguments” in his earlier Treatise on Probability. The purpose of this article, in the first place, is (...) to provide an account of, and to sort out the relations between, Keynes's views on probability, uncertainty, and the weight of arguments. (shrink)

Realism has been a central object of attention among analytical philosophers for some decades. Starting from analytical philosophy, the return of realism has spread into other contemporary philosophical traditions and given birth to new trends in current discussions, as for example in the debates about “new realism.” Discussions about realism focused on linguistic meaning, epistemology, metaphysics, theory of action and ethics. The implications for politics of discussion about realism in action theory and in ethics, however, are not much discussed.

The works of Knight (1921) and Keynes (1921, 1936) seek to clarify confusion about uncertainty. According to these authors, a precise analysis of uncertainty is required, in order to obtain a clear significance of the concept and understand the consequences for the decision process. Consequently, Knight and Keynes study the content of the decision process in uncertainty and converge towards similar views on the mobilization of confidence. Their works thus go beyond a simple examination of uncertainty, by also throwing light (...) on the role and function of confidence in economic analysis. These works demonstrate that confidence is the prerequisite for individual action under uncertainty. (shrink)

In this article, principally through autobiographical remarks, some observations concerning philosophical temperament are made, the example of Gerd Buchdahl as a textual interpreter of classic philosophical texts is invoked, and the position of philosophy in relation to history of science is explored, in particular in the work of Kuhn and Foucault. The article concludes with a reminder of the overall history of philosophy at Cambridge through a discussion of the history of the moral sciences.

Quantitative apparatus for assessing strength of an argument was improved in the article. A probative generalisation and verification of the R.Yanal's algorithm to calculate convergent argument were proposed. The generalization obtained deals with both quantity (or number) and quality (or truth-values) of the argument's reasons.

In this paper the use of mathematics in economics will be discussed, by comparing two approaches to mathematics, a Cartesian approach, and a Newtonian approach. I will argue that while mainstream economics is underpinned by a Cartesian approach which led to a divorce between mathematics and reality, the contributions of key authors of the Cambridge tradition, like Marshall, Keynes and Sraffa, are characterised by a Newtonian approach to mathematics, where mathematics is aimed at a study of reality. Marshall was influenced (...) by the Newtonian approach that still characterised many aspects of the Cambridge Mathematical Tripos, where the emphasis was on geometrical and mechanical examples rather than on symbolic (Cartesian) mathematics. Keynes, who criticised (Cartesian) symbolic mathematics, was indeed an admirer of Newton and of his method. Sraffa's mathematical constructions are also in line with the Newtonian approach where arithmetic and geometry were strictly separated, since Sraffa's mathematical constructions typically use arithmetic without engaging in the mixture between geometry and arithmetic that occurs in the Cartesian approach. View the Open Peer Discussion of this paper ». (shrink)

While I am in broad agreement with the main thrust of Fine’s and Milonakis’s argument, I pose sixteen questions for them. The first ten questions relate to the history of economic thought ; substantive issues of economic theory ; methodological and philosophical matters ; and the other social sciences. I conclude by asking six questions about the ‘old’ and ‘new’ economics imperialism, the prospects for mainstream economics, and the precise nature of the political-economy alternative that Fine and Milonakis propose. Is (...) it simply Marxian political economy in disguise? (shrink)

Phillip Hansen’s Reconsidering C. B. Macpherson:From Possessive Individualism to Democratic Theory and Beyond has many virtues, principal among them the fact that it casts Macpherson’s thought in what to many will be the unfamiliar light of Continental critical theory. Doing so could broaden Macpherson’s audience to include those working within this tradition. What is less clear is whether casting Macpherson’s thought in this light will yield any new insights into his historical interpretations or his democratic theory. I argue that there (...) may be reasons to doubt that it will. (shrink)

In his recent book, Economics – Mathematical Politics or Science of Diminishing Returns, Alexander Rosenberg has offered a forceful critique of the scientific pretensions of economics. I am encouraged to note that in his JEL review, Wade Hands singles out Rosenberg's ‘important discussion of intentionality’ as one of the most significant aspects of the book. Encouraged, because this was exactly my impression, and Hands's judgment confirmed my intention to respond to Rosenberg's argument. I hope, however, to be able to disappoint (...) Hands's expectation that this aspect of Rosenberg's work ‘will be least challenged by economists’! (shrink)

The purpose of the study is to identify a common theoretical basis for the study of human life as capital and unconditional higher value. Theoretical basis is based on the value-laden and revised structural constructivism, provided by the French philosopher and sociologist Pierre Bourdieu, critical analysis of the concepts of capital as the embodiment of social expectations, the biological concept of the value of human life, as well as the concepts of its sanctity. Originality. It is proved that one should (...) not consider the value of human life as capital only but instead takes into account its different value interpretations, especially when forming the social identity of a person. Moreover, in each of the value systems, the value of human life can be recognized as unconditional, which does not prevent the coexistence of such different value interpretations within the framework of one social identity, which then inevitably becomes a multiple social identity. Conclusions. Human life cannot be considered as a result of integrating economic expectations into the concept of "advertising" capital: first, expectations may well be inadequate; second, expectations by themselves are not directly related to capital; third, expectations do not necessarily lead to development; fourth, one should clearly distinguish between the spontaneous "expectations" and the values that express people’s strong motivation as members of social communities. The multiplicity of possible cultural conditions that affirm the unconditional value of life indicates that this unconditionality is always relevant rather than absolute. The multiple social identities could be used to add value to the protection of human life, the affirmation of multiple social identities is a means of affirming the unconditional value of human life – it is unconditional in several alternative ways. (shrink)