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The dominant paradigm in economics views economic behavior as allocative activity in a neutral, C-M-Cʹ economy. As a consequence, money is treated as a veil that is inessential to the real functioning of the economic system. This paper argues that one of Keynes's fundamental insights is the significance of the monetary context of economic behavior. This insight has been developed by the post-Keynesian theory of money as a "time-machine vehicle" that provides the causal link between uncertainty and unemployment. The Circuitist theory of money as the means of final payment provides a complementary radical perspective on the significance of the monetary context. This paper investigates the methodological and theoretical implications of these radical monetary theories and assesses their contribution towards the development of a general theory of a monetary production, M-C-Mʹ economy. [ABSTRACT FROM AUTHOR]

Mainstream theories of decision making conceptualise uncertainty in terms of a well-defined probability distribution or weighting function. Following Knight, radical Keynesians consider subjective expected utility (SEU) theory and its variants as a restricted theory of decisionmaking applicable to situations of risk and, hence, of limited relevance to the understanding of crucial economic decisions under conditions of fundamental uncertainty in which probabilities are ill-defined, possibly non-existent. The objective of this paper is to outline a radical Keynesian theory of decision-making under uncertainty, arguing that Keynes's suggestion to a two-dimensional probability-credence framework provides the basis for determining the limitations of mainstream approaches and points the way forward to the construction of a more general encompassing theory relevant to psychologists and economists outside of the Keynesian tradition. [ABSTRACT FROM AUTHOR]

Proposes an interpretation of John Maynard Keynes' General Theory that portrays his attitude to classical theory as clear and consistent. Keynes' concept of classical theory as a theory of the allocative mode of activity; Keynesian economics as attempt to explain involuntary unemployment as a phenomenon of misallocation; Post-classical interpretation of Keynes' General Theory.