The economic paradigms of Ludwig von Mises on the one hand and of John Maynard Keynes on the other have been correctly recognized as antithetical at the theoretical level, and as antagonistic with respect to their practical and public policy implications. Characteristically they have also been vindicated by opposing sides of the political spectrum. Nevertheless the respective views of these authors with respect to the meaning and interpretation of probability exhibit a closer conceptual affinity than has been acknowledged in the literature. In particular it is argued that in some relevant respects Ludwig von Mises´ interpretation of the concept of probability exhibits a closer affinity with the interpretation of probability developed by his opponent John Maynard Keynes than with the views on probability espoused by his brother Richard von Mises. Nevertheless there also exist significant differences between the views of Ludwig von Mises and those of John Maynard Keynes with respect to probability. One of these is highlighted more particularly: where John Maynard Keynes advocated a monist view of probability, Ludwig von Mises embraced a dualist view of probability, according to which the concept of probability has two different meanings each of which is valid in a particular area or context. It is concluded that both John Maynard Keynes and Ludwig von Mises presented highly nuanced views with respect to the meaning and interpretation of probability.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
6965.
Find related papers by JEL classification: B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other C00 - Mathematical and Quantitative Methods - - General - - - General B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
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