The Economics of John Maynard

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THE ECONOMICS OF JOHN
MAYNARD KEYNES

Widely recognized as one of the greatest economists in history, there has been
a surge of interest in the work of John Maynard Keynes since the financial crisis
of 2008 with people looking for solutions to rebalance the economy. Presciently,
Keynes argued that free markets are unable to fully organize economic activity
and that the steadying and reforming hand of the State is needed for capitalism to
function properly. In the aftermath of the financial crisis of 2008, exacerbated by a
global pandemic, these ideas are more timely than ever.
This book provides an introduction to Keynes’ thoughts on capitalism, the State,
and macroeconomics. It starts with Keynes’ epistemological theory of his A Treatise on
Probability (1921), from which aspects such as uncertainty and the decision-making
process, both later important in his economic work, can be drawn. The book then
pursues Keynes’ economic writings. From A Tract on the Monetary Reform (1923) and
A Treatise on Money (1930), it shows Keynes’ pursuit of a full understanding of the
role of money in the economy. Keynes masterfully demonstrated the knowledge
he gained through his 1936 masterpiece The General Theory of Employment,
Interest and Money. Going beyond Keynes’ classic, this book also explores his
later work on economic policy prescriptions and finally his concept of State and
economic development.
This accessible introduction to the economic thought of Keynes will be essential
reading for those interested in the history and development of economics, as well as
political scientists, sociologists, historians, and others seeking an overview of these
foundational economic ideas.

Fabio Terra was born in Araxa, a town in the state of Minas Gerais, Brazil.
He received a Bachelor of Economics degree from the Federal University of
Uberlandia, an MSc degree from the Federal University of Parana, and a PhD
degree from the Federal University of Rio Grande do Sul. He is a professor at the
Federal University of ABC and of the Post-graduate Program in Economics of the
Federal University of Uberlandia, as well as a researcher at the Brazilian Council
for Scientific and Technological Development. He is Former Visiting Fellow of
Wolfson College, University of Cambridge, UK, and Former Chair of the Brazilian
Keynesian Association.
THE ECONOMICS
OF JOHN MAYNARD
KEYNES

Fabio Terra
Designed cover image: © Getty Images
First published 2023
by Routledge
4 Park Square, Milton Park, Abingdon, Oxon OX14 4RN
and by Routledge
605 Third Avenue, New York, NY 10158
Routledge is an imprint of the Taylor & Francis Group, an informa business
© 2023 Fabio Terra
The right of Fabio Terra to be identified as author of this work has been
asserted in accordance with sections 77 and 78 of the Copyright, Designs
and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
known or hereafter invented, including photocopying and recording, or in
any information storage or retrieval system, without permission in writing
from the publishers.
Trademark notice: Product or corporate names may be trademarks or
registered trademarks, and are used only for identification and explanation
without intent to infringe.
British Library Cataloguing-in-Publication Data
A catalogue record for this book is available from the British Library
ISBN: 978-1-032-26211-6 (hbk)
ISBN: 978-1-032-26210-9 (pbk)
ISBN: 978-1-003-28709-4 (ebk)
DOI: 10.4324/9781003287094
Typeset in Bembo
by Apex CoVantage, LLC
 To my beloved parents Iolivan and Eliane

To my loved sweetest thing, Fernanda

To my dear masters, Fernando Ferrari Filho

and Fernando Cardim de Carvalho

To all those who believe in a better world, just like you do

CONTENTS

Acknowledgmentsix

Introduction 1

PART I
Foundations5

1 The Origins of Uncertainty 7

2 A Brief Debate About a Controversial Topic: Keynes’ Method 13

PART II
Flirting With Money 17

3 In the Long Run We Are All Dead: A Tract

on the Monetary Reform19

4 The Wicksellian Keynes: A Treatise on Money24

PART III
Keynes’ Checkmate: The General Theory
of Employment, Interest and Money33

5 Checkmating the Neoclassical Theory 35

viii Contents

6 If Not Neoclassical Supply-Side Economics,

Then What? Keynes’ Demand-Side Economics 43

7 Demand Explained: Consumption 50

8 Demand Explained: Investment 56

9 Money Explained: Liquidity Preference and

the Interest Rate 64

10 Money Explained: Why Is It so Special in the Economy?

The Peculiarities of Money 75

11 Economic Dynamics Explained: A Summary

of The General Theory83

12 Final Elements of The General Theory90

PART IV
Beyond The General Theory of Employment,
Interest and Money: Economic Policies, State,
and Development103

13 Fiscal Policy 105

14 Monetary Policy 116

15 The Exchange Rate Policy 125

16 The State 130

17 Development 134

Conclusion 138

Bibliographical References 141

Index144
ACKNOWLEDGMENTS

I am grateful to all my professors for the knowledge they have kindly given to
me. I am also thankful to Brazilian State for all the education and financial grants
it has provided me with. I hope I am returning it back to the Brazilian society in
the classes I lecture as well as in the research I do, of which this book is the most
important work I have done so far.
INTRODUCTION

John Maynard Keynes was the greatest economist of the 20th century. His legacy to
economics is such that there are a few theoretical perspectives carrying the surname
Keynesian to qualify their names: Neoclassical Keynesian Synthesis, Post Keynes-
ian, and New Keynesian. Although these theories have Keynes in their surnames
and they all descend from some readings of his work, they are not one single family
and even less carry a unique understanding of his economics. The only common
point within this great diversity of perspectives emerging from one single author is
how influent this author is.
This book, The Economics of John Maynard Keynes, aims to present the economic
theory of this magnificent author in a straightforward and simple manner. There
is an ongoing interest in Keynes’ economic theory not only from the academic
public but also from the non-academic public interested in economics and finance.
But Keynes wrote his major theoretical economic works without directly talking
to the general public. His intention was to debate with and defeat the mainstream
economics of his time, namely, neoclassical economics. Thus, reading Keynes’ eco-
nomics, especially his masterpiece The General Theory of Employment, Interest and
Money, is not always an easy job. This book intends to facilitate the task and trans-
late Keynes’ economics to all those interested in his work.
Keynes published his 1936 masterpiece, The General Theory, late in his life, just
ten years before his death in 1946. He did not come to this book in a once and
for all manner. He changed his ideas over time, in a constant struggle to liberate
himself from the economics he had been taught in the University of Cambridge
and that later he lectured there for years. In this book, we follow this winding road
Keynes hit to develop an economics of his own. We start with his 1921 A Treatise
on Probability. Although economics was not the topic of this book, it offers a very
interesting insight into how Keynes saw human reasoning and decision-making
processes, which helps to understand A Treatise on Money and The General Theory.
DOI: 10.4324/9781003287094-1
2 Introduction

After that, we follow the road Keynes travelled in his journey in economics. The
first stop is at Keynes’ 1923 A Tract on Monetary Reform and the second at the 1930
A Treatise on Money. Then we arrive at The General Theory.
In A Tract on Monetary Reform, Keynes aimed to explain inflation, which was raz-
ing Central Europe in the beginning of the 1920s. In A Treatise on Money, he was
still interested in explaining prices but now their dynamics of both inflation and
deflation. Then, in our presentation of those two books, we will focus on Keynes’
explanation of the causes of price variations and the role of money in these. Our
passage through both books will be brief: a chapter for each book. Our stop in
these two books is short due to our main interest be The General Theory, at which
our journey will have several stops aiming to explain Keynes’ masterpiece in detail.
We take The General Theory as the synthesis of Keynes’ pursuit to deliver a totally
new economic theory. After The General Theory, we describe the economic policy
proposals that Keynes made as well as his notion of State and development.
In view of that, we deliver an organic view of Keynes’ economics – that is,
his work throughout his life is taken as an effort to arrive at The General Theory.
However, this organic reading of Keynes, which recalls and reports the evolution
of his economic thoughts over time, does not mean that his ideas had no ruptures.
Keynes changed the course of his thoughts many times with a fearless tendency
to surpass his discomforts with both the economic theory of his time and his own
attempts to solve what bothered him. Therefore, consistency in this book means
Keynes’ unstoppable search for an economic model that answered the questions he
raised and not an unbreakable linear thought evolution throughout his life.
We do not desire to furnish a final account of Keynes’ economics in this book.
Far from that, our intention is to explain his economics in an easy manner for
those interested in the topic, including those outside the academy. Themes other
than Keynes’ economics, such as the controversies among those who interpreted
his works, deep details of his biography, the Bloomsbury group, his role at the
Versailles Conference or at Bretton Woods, will not be regarded in this book.
Moreover, it is not the purpose of this book to present and discuss Post Keynesian
economics, whose affiliated authors have been recalling and advancing the work of
Keynes for decades. There are several great books on Post Keynesian economics,
whereas books on Keynes’ economics are rather scarce, if not in absolute terms,
at least when compared to the continuous existing interest in Keynes. Thus, there
is room for more on Keynes’ economics itself, and this book helps in addressing
this gap.
All in all, this book focuses on the economics of Keynes. It intends to be almost
a kind of, say, pocket-handbook through which readers understand Keynes and
to which they call upon whenever they have doubts about some aspect of his
thinking. The chapters of the book are short and bring a digested explanation of
Keynes’ economics. The book is meant to be very concise, without digressions or
presentations of other authors and theories, and extremely centered on Keynes’
own writings. When it improves the comprehension of his theory, the book briefly
takes all necessary dialogues with other authors, theories, and history. In this sense,
 Introduction 3

the road Keynes traveled in his economic works led him off neoclassical theory and
he struggled to get rid of neoclassical influence. Hence, whenever it makes Keynes’
thoughts clear, we compare them with those of neoclassical theory.
This book has four parts. Part I, Foundations, recalls Keynes’ A Treatise on Prob-
ability to describe the origins of uncertainty and outline how individuals make
decisions under uncertainty. In The General Theory, decision under unavoidable
uncertainty is a key element, and A Treatise on Probability furnishes a good ground
to understand uncertainty and its consequences on decision-making. Chapter 2
briefly presents a very much controversial topic to Keynesianism in general:
method. Nevertheless, the book has a position on the theme, inspired by A Treatise
on Probability.
Part II, Flirting with Money, has two chapters. They cover how Keynes treated
money in A Tract on Monetary Reform and A Treatise on Money, respectively. The
intention is to report how Keynes started his quest to understand money and its
role in the economy differently from neoclassical economics. Notwithstanding his
will for writing a theory of his own, in these two books, Keynes was still somewhat
attached to other schools of thought. In A Tract on Monetary Reform, approached in
Chapter 3, Keynes developed his own quantity theory of money, but he believed
that the original money quantity theory was valid in the long term. In A Treatise on
Money, explained in Chapter 4, we will see a Wicksellian Keynes, in which Keynes’
monetary theory was influenced by the Swede economist Knut Wicksell.
Keynes’ full mindset shift happened with his The General Theory, explained in
detail throughout the eight chapters (Chapters 5–12) of Part III – Keynes’ check-
mate: The General Theory of Employment, Interest and Money. It was with The General
Theory that Keynes bequeathed his surname to economics: he finally developed his
own economic tradition. It is not time for spoilers, so the tip to catch your atten-
tion is letting you know that in The General Theory Keynes made no concession to
neoclassical economics nor to Knut Wicksell; he developed a theory of production
and no longer saw price as the variable that economics should chiefly explain; he
started seeing full employment as a very much rare economic situation; he created
an economic theory in which economic activity is pushed by the demand side
of the economy. Furthermore, in The General Theory, Keynes reached his eureka
about money.
Part III is structured as follows. Chapter 5 explains how Keynes checkmated
neoclassical theory and its supply-side economics. Chapter 6 describes Keynes’
effective demand principle to explain the demand-side economics. If demand
pushes the dynamics of the economy, we then explain the components of demand.
Chapter 7 discloses The General Theory’s theory of consume, while Chapter 8
accounts for the investment theory. Then it is time to consider money and its
relationship with demand. Chapter 9 exposes the liquidity preference theory from
which the interest rate theory emerges. Chapter 10 explains why money is so spe-
cial in the economic system; thereby, it reveals how Keynes clarified money’s spe-
cial properties. Chapter 11 synthesizes The General Theory, while Chapter 12 goes
through other important topics of the book such as prices, wages, and trade cycles.
4 Introduction

Part IV of the book – Beyond The General Theory – depicts both Keynes’ eco-
nomic policy proposals and notions of State and development. Keynes is well
known for being a great proposer of State economic action, and quite often it is
heard and read that his motions for economic policing, especially those regarding
fiscal policy, are to be found in The General Theory. However, this is not the case.
Apart from monetary policy, whose Keynes’ prescriptions can be seen in The Gen-
eral Theory (as well as in A Treatise on Money and other texts), it is not in Keynes’
masterpiece that you will find the great deal of his economic policy proposals. We
display them in Part IV.
Hence, Chapter 13 details Keynes’ proposals for fiscal policy; Chapter 14 talks
about monetary policy; and Chapter 15 depicts the exchange rate policy. If States
make economic policy and if Keynes deemed their economic action as especially
important to the social and economic progresses, thus Chapter 16 characterizes
Keynes’ notion of the State. Finally, Chapter 17 develops Keynes’ notion of eco-
nomic development, seen as the final step toward which his economic theory and
economic policy prescriptions were meant to lead. At the developed stage of soci-
ety, Keynes hoped that economic problems would no longer be the greatest issues
troubling humankind, as they have been for centuries and remain to be the case.
Before delving into The Economics of John Maynard Keynes, let us clarify the fol-
lowing. You will have the best knowledge of Keynes’ economics if you read this
whole book. The book’s chapters are concise, and the language used on them is
simple to make it easier for you to keep your attention while reading. But, despite
our effort to make this book a digested peruse of Keynes, Parts I and II might seem
a bit abstract. Thus, if you are interested in acquainting only the core of Keynes’
economics, it will be no problem if you go straight to Parts III and IV. Lest you now
that if you decide to skip Parts I and/or II, you will lose very nice content about
Keynes, but you will not be bereft of what is essential to understand his economics.
Be welcome to The Economics of John Maynard Keynes.

References
Keynes, J. M. (1921). A Treatise on Probability. London: Macmillan.
Keynes, J. M. (2013a). A Tract on Monetary Reform: The Collected Writings of John Maynard
Keynes, vol. IV. London: Cambridge University Press.
Keynes, J. M. (2013b). A Treatise on Money I, the Pure Theory of Money: The Collected Writings
of John Maynard Keynes, vol. V. London: Cambridge University Press.
Keynes, J. M. (2013c). A Treatise on Money II, the Applied Theory of Money: The Collected Writ-
ings of John Maynard Keynes, vol. VI. London: Cambridge University Press.
Keynes, J. M. (2013d). The General Theory of Employment, Interest and Money: The Collected
Writings of John Maynard Keynes, vol. VII. London: Royal Economic Society and Cam-
bridge University Press.
PART I
Foundations

Although A Treatise on Probability was published in 1921, Keynes drafted this book
a decade before, in the second half of the 1900s. It is a book on probability, but
Keynes discussed several topics in it rather than solely probability. He entered the
fields of epistemology and logic, always rooting his arguments on strong philo-
sophical and mathematical bases. While debating probability, Keynes developed
an epistemological theory in which uncertainty is an inescapable feature of human
knowledge that is necessarily embedded in individual decision-making processes.
Keynes also broadly debated the method of knowledge in A Treatise on Probability.
In this book, we assume that A Treatise on Probability grounds founding ele-
ments of Keynes’ economics, namely, uncertainty, decision-making processes, and
method. They are foundations because they bear the epistemological and method-
ological bases that support Keynes’ economics, especially, but not only, in The Gen-
eral Theory. Uncertainty, decision-making processes, and the method of knowledge
are explained in the two chapters of this part. Chapter 1 approaches uncertainty
and decision-making processes. Chapter 2 explores method.
But how is this related to Keynes’ economics? In the first place, A Treatise on
Probability helps to understand the origins of uncertainty, which is key in Keynes’
economics. Second, it also permits us to outline a decision-making process model,
which is helpful when we present the investment theory of A Treatise on Money
and The General Theory chapters ahead. Finally, A Treatise on Probability also backs
our argument about Keynes’ method, which has a role to play in his economics,
especially in The General Theory.1

Note
1 Continuity versus rupture in Keynes’ thoughts is a hot topic in Post Keynesian theory.
It is not the topic of this book though, so if you would like to learn more on that, see:

DOI: 10.4324/9781003287094-2
6 Foundations

O’Donnel (1989, 2002), Bateman (1989, 1991), and Winslow (1986, 1989). Our position
in this book is that Keynes changed some of his thoughts during his life, like his view on
money, but he maintained others, especially those he had advanced in A Treatise on Prob-
ability. This position is also seen in Carvalho (1988, 1992, 2003).

References
Bateman, B. W. (1989). ‘ “Human Logic” and Keynes’ Economics: A Comment’, Eastern
Economic Journal, 15(1), pp. 63–67.
Bateman, B. W. (1991). ‘Das Maynard Keynes Problem’, Cambridge Journal of Economics,
15(1), pp. 100–111.
Carvalho, F. J. C. (1988). ‘Keynes on Probability, Uncertainty and Decision Making’, Journal
of Post-Keynesian Economics, 11(1), pp. 66–81.
Carvalho, F. J. C. (1992). Mr. Keynes and the Post Keynesians. Cheltenham: Edward Elgar.
Carvalho, F. J. C. (2003). ‘Características Essenciais do Método de Keynes na Teoria Geral’,
in Corazza, G. (ed.) Métodos da Ciência Econômica. Porto Alegre: UFRGS, pp. 175–188.
Keynes, J. M. (1921). Treatise on Probability. London: Macmillan.
Keynes, J. M. (2013b). A Treatise on Money I, the Pure Theory of Money: The Collected Writings
of John Maynard Keynes, vol. V. London: Cambridge University Press.
Keynes, J. M. (2013c). A Treatise on Money II, the Applied Theory of Money: The Collected Writ-
ings of John Maynard Keynes, vol. VI. London: Cambridge University Press.
Keynes, J. M. (2013d). The General Theory of Employment, Interest and Money: The Collected
Writings of John Maynard Keynes, vol. VII. London: Royal Economic Society and Cam-
bridge University Press.
O’Donnel, R. M. (1989). Keynes: Philosophy, Economics and Politics. New York: St. Martin’s
Press.
O’Donnell, R. M. (2002). The Thick and the Thin of Controversy: A Critique of Bateman on
Keynes. Research Papers 0204. Sydney: Macquarie University, Department of Economics.
Winslow, E. G. (1986). ‘ “Human Logic” and Keynes’ Economics’, Eastern Economic Journal,
12(4), pp. 413–430.
Winslow, E. G. (1989). ‘ “Human Logic” and Keynes’ Economics: A Reply to Bateman’,
Eastern Economic Journal, 15(1), pp. 67–70.
1
THE ORIGINS OF UNCERTAINTY

How do you think? Set aside the biological and neurological aspects of the human
brain for a moment. How do you form ideas about an object that awakes your curi-
osity? Epistemology deals with this issue, and Keynes was interested in promoting
his own epistemological theory in A Treatise on Probability.
To Keynes, the first step of reasoning is direct acquaintance. Using innate senses,
humans can understand, experience, and perceive. These three activities provide
humans with the ability to acquire direct knowledge of things that then became
known to individuals. It is not important to define the directly acquired knowledge
as right or wrong. The key element here is that senses-based direct acquaintance
builds the second step of reasoning, namely, direct knowledge (also called proposi-
tions or evidence).
This is a quite abstract matter; therefore, an example helps. People perceive
the media daily broadcasting financial news, such as stock exchange indexes and
interest rates, and learn that there are possible options for investing money. Peo-
ple directly acquainted with the media’s reports understand things associated with
financial investments that become direct knowledge to them. This process is surely
not as monotonous as this instance suggests. It happens in multiple ways, with sev-
eral elements being concomitantly sensed, thus acquired, and then acknowledged.
Direct knowledge grounds the third and last step of reasoning, indirect knowl-
edge (also called conclusion or argument). From the set of direct knowledge, indi-
viduals try to reach new knowledge, which is something they do not know but
that seems reasonable to conclude based on their direct knowledge. In other words,
humans accumulate direct knowledge and use it to go further, attempting to learn
something they do not yet know. This unknown thing, indirect knowledge, is the
conclusion emerging from the reasoning process.
Let us return to our example. People who learned about financial investments
have direct knowledge. They use this set of direct knowledge to generate the
DOI: 10.4324/9781003287094-3
8 Foundations

indirect knowledge (i.e., they conclude) that financial investments, say, in equities
of company X, are worth making. The conclusion is reasonable because it emerges
from individuals’ set of direct knowledge. But is this conclusion correct? We do not
know yet. Only time will tell if company X’s equities were profitable.
Keynes was not concerned with correctness, but with reasonableness. In A Trea-
tise on Probability, he developed an epistemological theory to validate thoughts that
could be wrong at the end of the day but whose reasoning processes, the thinking
that led to them, were nevertheless reasonable. Keynes’ message was that mistake
does not mean irrationality, as he explained: “But is it certain that Newton and
Huyghens were only reasonable when their theories were true, and that their mis-
takes were the fruit of a disordered fancy?” (Keynes, 1921, p. 284).
Indirect knowledge is a logical possibility, an expectation. It is not something
that can be fully known when the conclusions are drawn. Shackle, in his 1979
Imagination and Nature of Choice, explained this by using the concept of figment
of imagination. Conclusions are imaginative and constructed by thinkers while
they think. Please do not consider imagination as being somehow undisciplined.
Instead, take it in the sense of building clear-minded images in the pursuit of rea-
sonable conclusions.
Indirect knowledge is concluded from the direct knowledge set. However, the
former is not a component of the latter. Indirect knowledge is not known; it is
not even more-or-less known. It is just an inkling imagined from acknowledged
propositions. If indirect knowledge is unknown, it is always uncertain whether it
is right or wrong. It is simply not possible to previously guarantee the certainty of
indirect knowledge. Thus, it is always an expectation. Expectations are the una-
voidable counterpart of uncertainty. Logically, if you are uncertain about your
indirect knowledge, it can only be an expectation, a thought you expect to be true.
Let us go back to our example. Buyers of company X’s equities need to wait to
determine if their expected conclusion of profiting was correct. When the decision
to buy the equities was made, their future prices did not exist.
Where is probability in A Treatise on Probability? Keynes did not take probability
as the usual quantitative relationship between the frequency of events. He stated
that probability is the logical relationship between direct and indirect knowledge
and that this relationship is not quantitatively measurable as it is in the frequentist
tradition of probability. Thus, Keynes created a non-numerical subjective probabil-
ity measure called the degree of rational belief.
This degree of rational belief, in turn, varies according to the weight of argu-
ments. The meaning of this latter concept is controversial because Keynes did not
define it in a unique manner. Hence, we side with Vercelli (2010) and present
three definitions of the weight of arguments. The first is related to the size of the
direct knowledge set from which indirect knowledge is drawn. The second refers
to how much is assumed to be really known by holders of direct knowledge; in
other words, the second definition of the concept is the answer you would give
to the following question: how much do you really know of what you know? The
third definition of the weight of arguments is associated with the comparison
 The Origins of Uncertainty 9

between the set of direct knowledge and the set of ignorance about an object.
The set of direct knowledge is what individuals know about an object. The set of
ignorance is evidence that individuals acknowledge as being important to under-
standing something, but they recognize that they are ignorant about this evi-
dence; they do not know it. Individuals who judge their set of direct knowledge
to be greater than their set of ignorance place greater weight on their argument,
and vice versa.
Vercelli (2010) argued that these three definitions are complementary as they
function in the same logical sense. The bigger the set of direct knowledge, the
greater the proportion of what is assumed to be known. The larger the direct
knowledge set compared to the ignorance set, the greater the weight of an argu-
ment. In conclusion, the greater the weight of an argument, the higher the degree
of rational belief that individuals have in their indirect knowledge. This is Keynes’
subjective probability.

Intuition and Induction

In Keynes’ view, reasoning processes are full of intuition. This is illustrated by the
notion of a subjective and qualitative degree of rational belief. Science, in general, and
economics, in particular, leave no room for intuition in their theories. However,
independent of the preferences of science and economics, intuition is an undeni-
able and important characteristic of humans. Thus, Keynes considered it in his
epistemology and, of course, in his economics.
What is the method to develop knowledge – that is, what bridges direct knowl-
edge and indirect knowledge? In Keynes’ words, “inductive processes have formed,
of course, at all times a vital, habitual part of the mind’s machinery” (Keynes, 1921,
p. 250). The inductive process, or simply induction, is the method of acquiring
knowledge by combining particular evidence to form a general conclusion. In
turn, induction as a mechanism of human reasoning means that individuals depart
from particular direct knowledge to arrive at general indirect knowledge. There-
fore, induction is the method by which humans think – thus, it is more than just
a scientific tool. Moreover, if people think inductively, Keynes realized it would
be crucial to adopt induction to understand economics. The next chapter further
discusses this topic.
We are not yet into Keynes’ economic theories, but uncertainty and expectations
are well-known components of them. He advanced both concepts in A Treatise on
Money, but it was in The General Theory that uncertainty and expectations became
paramount. If you take uncertainty only from Keynes’ masterpiece, The General
Theory, you might see it as an assumption, a presupposition that Keynes made for
theorizing his economics. However, uncertainty and expectations are inherent con-
sequences of people thinking inductively, as Keynes explained “our knowledge . . .
is often reached inductively, and shares the uncertainty to which all inductions are
liable” (Keynes, 1921, p. 95). Induction intrinsically results in uncertain indirect
knowledge, and as such, it can consist of nothing but expectations. Because of
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well, Clendenon S., No. 1748544, Sergeant, (Mrs. Leona D. Newell,
mother), 165 Leonia Street, Leonia, N. J. Enlisted April 26, 1918;
joined company same date. Killed in action October 20th by shrapnel
through head from shell which struck a nearby tree and exploded,
killing him while lying in his tent, while in support lines behind Grand
Pre.
well, James McC., No. 1773758, Sergeant (Officer Candidate),
(James W. McConnell, Uncle), 800 Russell Street, Nashville, Tenn.
Enlisted May 5, 1917; joined company October 27th; appointed 2nd
Lieutenant effective June 1, 1918, and attached to Company “G,”
311th Infantry, July 15th; killed in action October 16, 1918.
th, Harry E., No. 3534857, Private, 1325 West 117th Street,
Cleveland, Ohio. Enlisted July 25, 1918; joined company December
9th. Evacuated to hospital December 21st.
ton, William H., No. 2414757, Sergeant, 1089 Magnolia Avenue,
Elizabeth, N. J. Enlisted April 2, 1918; joined company same date.
Transferred to 1st Replacement Depot, St. Aignan, for immediate
discharge February 13, 1919.
Connell, James M., No. 2450203, Pvt. 1st Class, 2070 Eastern
Parkway, Brooklyn, N. Y. Enlisted April 2, 1918; joined company April
16th; reported missing in action September 26th; was prisoner at
Camp Rastatt, Germany; rejoined company December 15th.
Gara, John J., No. 1749059, Pvt. 1st Class, 72 Garden Street,
Hoboken, N. J. Enlisted April 25, 1918; joined company same date.
Reported wounded September 26th; was prisoner at Camp Rastatt,
Germany; rejoined company December 15th.
ara, William F., No. 2414066, Private, 267 Pearl Street, Burlington, N.
J. Enlisted April 1, 1918; joined company July 15th. Killed in action
September 19th by shrapnel through head, while digging trenches—
the first death casualty in company.
eill, William E., No. 1749060, Private, 222 Willow Avenue, Hoboken,
N. J. Enlisted April 25, 1918; joined company same date.
Reilly, John J., No. 2942195, Pvt. 1st Class, 1036 Willow Avenue,
Hoboken, N. J. Enlisted April 25, 1918; joined company same date.
 Wounded by gas burns October 30th; returned to United States in
January, 1919.
Rourke, Bernard J., No. 1764989, Private, 78 Eleventh Avenue, New
York City. Enlisted April 3, 1918; joined company same date. Slightly
wounded in heel September 19th.
n, Carl L., No. 3341710, Private, Box 6, Osco, Ill. Enlisted July 10,
1918; joined company October 12th.
erweis, Dayton, No. 2411112, Sergeant, Hotel Endicott, New York
City. Enlisted February 25, 1918; joined company same date.
id, Imbert A., No. 3758119, Private, Caperon, Ill. Enlisted August 3,
1918; joined company October 12th; reported missing in action
October 20th; was wounded by piece of rock being thrown against
his knee by an exploding shell same date; rejoined company
December 21st.
nkow, Arthur F. W., No. 3747293, Bugler, R. F. D. 6, Box 36, Merrill,
Wis. Enlisted July 23, 1918; joined company October 12th.
Evacuated to hospital April 24th.
ry, George H., No. 1746063, 1st Sergeant, 75 Heck Avenue, Ocean
Grove, N. J. Enlisted September 21, 1917; joined company same
date; transferred to Depot Division 1st Army Corps, A. E. F., July
27th; rejoined company October 9th; appointed 1st Sergeant
October 10th; evacuated to hospital October 26th; rejoined company
December 27th; transferred to 1st Depot Division January 20, 1919.
er, Charles, No. 1749195, Supply Sergeant, 208 Sherman Avenue,
Jersey City, N. J. Enlisted April 26, 1918; joined company same
date; appointed Supply Sergeant November, 1918.
erson, Elmer J., No. 3334575, Private, Route 1, Box 9, LeRoy, Minn.
Enlisted June 25, 1918; joined company October 12th.
erson, Lawrence R., No. 1737320, Private, 54 Alma Street, Buffalo, N.
Y. Enlisted April 3, 1918; joined company same date. Admitted to
14th General Hospital July 11th; rejoined company November 1st.
erson, Theodore A., No. 1746062, Sergeant, Manasquan, N. J.
Enlisted September 21, 1917; joined company same date; went on
 detached service with Division Headquarters June 26; dropped from
rolls in January, 1919.
tys, Levi M., No. 1752088, Pvt. 1st Class, Route 5, Cuba, N. Y.
Enlisted April 3, 1918; joined company same date; transferred to
153rd Field Artillery Brigade July 15th.
ciano, Michael, No. 1748545, Private, Maple Avenue, Dumont, N. J.
Enlisted April 26, 1918; joined company same date; reported missing
in action September 26th; was prisoner at Camp Rastatt, Germany;
returned to United States in January 1919.
rski, Walter E., No. 1737322, Pvt. 1st Class, 77 Townsend Street,
Buffalo, N. Y. Enlisted April 2, 1918; joined company same date;
severely wounded in left apex lung September 26th.
arro, Frank, No. 2411636, Pvt. 1st Class, 216 West Front Street, Red
Bank, N. J. Enlisted February 25, 1918; joined company same date;
reported missing in action September 26th; was prisoner at Camp
Rastatt, Germany; rejoined company January 7, 1919.
rick, William G., No. 3752487, Pvt. 1st Class, Barron, Wis. Enlisted
July 23, 1918; joined company October 12th.
ce, Lory L., No. 2941581, Pvt. 1st Class, R. F. D. 6, Marion, Ill.
Enlisted April 27, 1918; joined company same date; reported missing
in action September 26; was prisoner at Camp Rastatt, Germany;
rejoined company January 7, 1919; mentioned in 78th Division
General Orders No. 6 for bravery in action September 26, 1918.
yczkowski, Joseph J., No. 2833893, Private, 1041 First Avenue,
Milwaukee, Wis. Enlisted May 29, 1918; joined company October
12th; wounded in left leg (degree undetermined) October 20th;
rejoined company December 12th; taken sick and evacuated to
hospital December 28th.
shner, Jacob, No. 2954387, Private, 75 Bay Street, Brockton, Mass.
Enlisted June 26, 1918; joined company December 9th.
nalletta, Achille, No. 3678854, Private, 531 State Street, Rochester, N.
Y. Enlisted July 22, 1918; joined company December 9th.
smussen, Leslie L., No. 2832009, Corporal, R. F. D. 2, Belmont, Wis.
Enlisted May 25, 1918; joined company October 12th.
kiewcus, John, No. 2828386, Private, 2929 West 40th Street,
Chicago, Ill. Enlisted May 27, 1918; joined company October 12th.
ed, Thomas P., No. 2669133, Private, 80 Ravine Avenue, Yonkers, N.
Y. Enlisted April 1, 1918; joined company April 16th.
d, William M., No. 1746064, Sergeant, 114 West 39th Street, New
York City. Enlisted September 21, 1917; joined company same date;
transferred to Army Candidate School September 28th. Mentioned in
78th Division General Orders No. 6 for bravery in action September
26th.
nski, John J., No. 1737324, Private, 140 Coit Street, Buffalo, N. Y.
Enlisted April 3, 1918; joined company same date. Severely
wounded in right shoulder and neck September 26th.
hman, Fred, No. 4566016, Private, 8 Vernon Avenue, Brooklyn, N. Y.
Enlisted August 28, 1918; joined company December 9th.
hter, Otto R., No. 2410784, Corporal, Lewis Street, Oakhurst, N. J.
Enlisted February 25, 1918; joined company same date; served with
Regimental Supply Company during campaign.
del, George I., No. 3747108, Pvt. 1st Class, Mosinee, Wis. Enlisted
July 23, 1918; joined company October 12th.
ss, Eugene, No. 2450873, Private, 141 West Sidney Avenue, Mt.
Vernon, N. Y. Enlisted April 1, 1918; joined company April 16th.
key, John F., No. 3340152, Private, 924 Farrington Avenue, St. Paul,
Minn. Enlisted June 27, 1918; joined company October 12th.
bbins, Charles A., No. 1746061, 1st Sergeant, 150 Summit Street,
South Manchester, Conn. Enlisted July 3, 1917; joined company
September 7th; appointed 1st Sergeant August 1, 1918; slightly
wounded by shrapnel in left leg September 26th; rejoined company
December 17th; transferred to 1st Replacement Depot January 20,
1919; returned to United States in March 1919. Decorated with
Distinguished Service Cross for bravery in action September 26,
1918.
gers, George H., No. 1746067, Sergeant, Keyport, N. J. Enlisted
September 22, 1917; joined company same date. Gassed
September 19, 1918; rejoined company November 15th.
an, William H., No. 2413606, Pvt. 1st Class, 157 Chestnut Street, Red
Bank, N. J. Enlisted February 25, 1918; joined company same date;
reported missing in action September 26; was prisoner at Camp
Rastatt, Germany; rejoined company January 7, 1919.
nders, Will., No. 3662370, Private, Mott, Texas. Enlisted August 8,
1918; joined company December 9th.
pienza, Sabastiano, No. 2830845, Private, 2910 Wentworth Avenue,
Chicago, Ill. Enlisted May 25, 1918; joined company October 12th.
sso, Aniello, No. 2410785, Private, 110 Aitkens Avenue, Asbury Park,
N. J. Enlisted February 25, 1918; joined company same date.
Slightly wounded in thumb November 4th; rejoined company January
15, 1919.
wyer, Elwood L., No. 1751858, Sergeant, 413 Morgan Avenue,
Palmyra, N. J. Enlisted April 1, 1918; joined company November
13th. Sailed for overseas service with Supply Company 311th
Infantry. Transferred to that company March 13, 1919.
elter, John D., No. 1749263, Sergeant, (Mrs. Madeline Schelter, wife),
213 Terrace Avenue, Jersey City, N. J. Enlisted April 26, 1918; joined
company same date. Killed in action by shrapnel September 26th
while on outpost duty.
iefer, Jacob, No. 1764991, Private, 93 Kilburn Street, Buffalo, N. Y.
Enlisted April 3, 1918; joined company same date. Reported missing
in action September 26th; was prisoner at Camp Rastatt, Germany;
returned to United States in January 1919.
mid, Alfred, No. 4561896, Corporal, 756 Cauldwell Avenue, Bronx,
New York. Enlisted August 26, 1918; joined company December 9th.
midt, Jack, No. 2828065, Corporal, 787½ Fifteenth Street,
Milwaukee, Wis. Enlisted May 27, 1918; joined company October
12th.
 midt, Walter J., No. 1976622, Pvt. 1st Class, Route 1, Binkmille, Ill.
Enlisted September 17, 1918; joined company December 9th.
reiner, George, No. 2832956, Pvt. 1st Class, (Mrs. Frances
Schreiner, mother), 332 Seventeenth Avenue, Milwaukee, Wis.
Joined company October 12, 1918; killed in action October 20th
northwest of Grand Pre, during an attack on Ferme des Loges.
ultz, Martin L., No. 2083969, Pvt. 1st Class, 1516 Grand Street, N. E.,
Minneapolis, Minn. Enlisted June 24, 1918; joined company
December 9.
ultz, Walter, No. 1737326, Pvt. 1st Class, (Mrs. Mary Schultz,
mother), 223 Metcalf Street, Buffalo, N. Y. Enlisted April 3, 1918;
joined company same date. Killed in action September 26th by
machine gun bullets while resisting an enemy counter-attack.
wenk, Michael A., No. 1737327, Private, 1012 Smith Street, Buffalo,
N. Y. Enlisted April 3, 1918; joined company same date.
ancalepore, Louis, No. 1749063, Private, 229 Clinton Street,
Hoboken, N. J. Enlisted April 26, 1918; joined company same date.
ory, John, No. 2481989, Mechanic, Box 94, Lansing, Ohio. Enlisted
June 24, 1918; joined company December 9th.
lthorp, Warren D., No. 1746059, Mess Sergeant, 165 Riddle Avenue,
Long Branch, N. J. Enlisted September 5, 1917; joined company
same date; appointed Mess Sergeant October 1st; transferred to II
Army Corps in August, 1918.
lthorpe, Harold, No. 1746075, Cook, 25 Main Street, Asbury Park, N.
J. Enlisted September 21, 1917; joined company same date; burned
by mustard gas October 30, 1918; rejoined company December
10th.
eridan, Edward J., No. 1745938, Private, Ocean Avenue, Sea Bright,
N. J. Enlisted September 21, 1917; joined company same date but
was afterwards transferred to Headquarters Company, same
Regiment; rejoined company January 12, 1919.
eridan, Leon J., No. 4563935, Private, 98 East Court Street, Cortland,
N. Y. Enlisted April 26, 1918; joined company December 9th;
 transferred to Graves Registration Service January 28, 1919.
pman, Maurice, No. 3661183, Pvt. 1st Class, Route 6, Honey Grove,
Texas. Enlisted August 5, 1918; joined company December 9th.
ms, Walter, No. 2833423, Pvt. 1st Class, (address unknown). Joined
company October 12, 1918; severely wounded by shrapnel in right
side of head and back November 4th.
len, Edmund S., No. 1747131, Corporal, 155 Madison Avenue,
Elizabeth, N. J. Enlisted April 2, 1918; joined company same date;
slightly wounded in left leg September 26th; returned to United
States in December, 1918.
ver, Luke E., Jr., No. 2411118, Pvt. 1st Class, (Mrs. Eva Smith, friend),
Main Street, Keansburg N. J. Enlisted February 25, 1918; joined
company same date. Killed in action in Limey Sector September
26th, by shrapnel, while carrying messages for company
headquarters. Awarded Distinguished Service Cross for bravery in
action September 26th.
th, James E., No. 1738837, Private, 1146 Pierce Avenue, Niagara
Falls, N. Y. Enlisted April 3, 1918; joined company August 16th;
evacuated to hospital September 2d; rejoined company December
17th; evacuated to hospital December 28th.
ogola, Anton F., No. 2833924, Private, 1039 Third Avenue,
Milwaukee, Wis. Enlisted May 29, 1918; joined company October
12th.
bol, Jacob I., No. 4561914, Private, 877 East 105th Street, Bronx, New
York. Enlisted August 26, 1918; joined company December 9th.
koloski, Martin J., No. 3330105, Corporal, 1016 West Denham Street,
South Bend, Ind. Enlisted June 19, 1918; joined company October
12th.
dner, Raymond A., No. 1978502, Pvt. 1st Class, Kinmundy, Ill.
Enlisted October 2, 1917; joined company December 9, 1918.
ensberger, John, No. 3306369, Pvt. 1st Class, 119 East 13th Street,
Pittsburgh, Kansas. Enlisted June 23, 1918; joined company October
12th.
nkiewicz, John, No. 2086296, Pvt. 1st Class, 857 North May Street,
Chicago, Ill. Enlisted February 26, 1918; joined company October
12th.
es, Bert W., No. 2414760, Sergeant, 511 Fifth Avenue, New York, N.
Y. Enlisted April 2, 1918; joined company same date. Appointed
Company Clerk July 21st.
rck, William H., No. 2932855, Private, Fiat, Ohio. Enlisted June 27,
1918; joined company December 9th.
ngfield, Jasper, No. 3498489, Private, R. F. D. 1, Wheat, Tenn.
Enlisted June 27, 1918; joined company December 9th.
hser, Frank H., No. 3347505, Private, (Peter Stuhser, father), 728
Second Street, Manasha, Wis. Joined company October 12, 1918.
Killed in action October 30th by shrapnel while in support lines
behind Grand Pre.
ivan, John L., No. 1764992, Pvt. 1st Class, (Mrs. Martin Kelly, aunt),
141 Babcock Street, Buffalo, N. Y. Enlisted April 3, 1918; joined
company same date; killed in action November 4th, at Les Petites
Armoises, by machine gun bullets, during an attack upon enemy
machine gun nests.
ivan, William, No. 3751681, Private, 314 von Minden Street, St. Paul,
Minn. Enlisted July 25, 1918; joined company October 12th;
transferred to Graves Registration Service January 28, 1919.
ton, Lewis Z., No. 1745988, Corporal, 324 West Main Street,
Moorestown, N. J. Enlisted September 18, 1917; joined company
May 3, 1918; reported missing in action September 26th; was
prisoner at Camp Rastatt, Germany; rejoined company January 7,
1919.
walski, Jan, No. 1737331, Pvt. 1st Class, 102 Montgomery Street,
Buffalo, N. Y. Enlisted April 3, 1918; joined company same date.
eeney, Hugh J., No. 1746066, Sergeant, (William Sweeney, father),
123 West Main Street, Moorestown, N. J. Enlisted September 21,
1917; joined company same date. Slightly wounded in foot by
 ricochet bullet September 26, 1918, but nothing further was heard
from him.
talski, Ignatz W., No. 3329487, Private, Cudahy, Wis. Enlisted May
28, 1918; joined company October 12th; slightly wounded in left hip
October 25th; rejoined company December 4th.
mczak, John, No. 1737332, Private, 911 Smith Street, Buffalo, N. Y.
Enlisted April 3, 1918; joined company same date.
nenbaum, David, No. 4566084, Private, 55 East Second Street, New
York City. Enlisted August 28, 1918; joined company December 9th.
as, Sebastiano, No. 1748548, Private (John Taras, brother), 128
Central Avenue, Leonia, N. J. Enlisted April 26, 1918; joined
company same date. Wounded in action September 26th (degree
undetermined); reported died of wounds (date and place unknown).
ack, Bernard, No. 2060527, Private, 3128 Lincoln Avenue, Chicago,
Ill. Enlisted September 19, 1917; joined company October 12, 1918.
oian, John C, No. 3329255, Corporal, 11700 Lowe Avenue, West
Pullman, Ill. Enlisted May 3, 1918; joined company October 12th.
ber, Gustave, No. 2670074, Private, 25 McKibben Street, Brooklyn,
N. Y. Enlisted April 4, 1918; joined company April 16th; reported
missing in action September 26th; was prisoner at Camp Rastatt,
Germany; rejoined company January 7, 1919.
ompson, George M., No. 1746073, Mechanic, 210 Academy Street,
Trenton, N. J. Enlisted September 8, 1918; joined company same
date; reported missing in action September 26, 1918; was prisoner
at Camp Rastatt, Germany; rejoined company January 7, 1919.
je, John F., No. 4 561770, Private, 175 Park Avenue, Corning, N. Y.
Enlisted August 26, 1918; joined company December 9th;
transferred to Graves Registration Service January 28, 1919.
hill, George L., No. 2450789, Mechanic, (Mrs. E. W. Tuthill, mother),
Jamesport, New York. Enlisted April 1, 1918; joined company April
16th; wounded in right arm October 20th; died of Hypostatic
Pneumonia February 25, 1919, at Base Hospital No. 77, caused by
 wounds; buried in grave number 363, American Burial Plot,
assigned, Beaune, Cote d’or, France.
ch, Lewis W., No. 2061989, Private, 3711 North Troy Street, Chicago,
Ill. Enlisted March 12, 1918; joined company October 12th.

4th Platoon, Flavigny, France, 1919.

adis, William K., No. 2412153, Private, 182 Broadway, Long Branch,
N. J. Enlisted February 25, 1918; joined company same date.
Severely wounded in right shoulder and face September 26th.
che, Tony, No. 2411124, Pvt. 1st Class, Matawan, N. J. Enlisted
February 25, 1918; joined company same date.
mette, Gilbert W., No. 4563913, Private, R. F. D. 2, Malone, N. Y.
Enlisted August 26, 1918; joined company December 9th.
ths, Friedrich G., No. 2082894, Corporal, Box “F,” Goodhue, Minn.
Enlisted June 24, 1918; joined company October 12th; transferred to
1st Replacement Depot, St. Aignan, April 6, 1919, for immediate
discharge.
ta, Nicholas, No. 2450906, Private, (Mrs. Agnes Vorta, mother), 1444
Edwards Avenue, Bronx, Westchester County, N. Y. Enlisted April 1,
1918; joined company April 16th; slightly wounded in scalp
September 20th, received 1st Aid and returned to duty same date;
 killed in action September 26th by pistol bullet in head, shot by
German officer, during general advance of company.
eze, Reuben, No. 2080897, Private, Route 1, Lime Spring, Iowa.
Enlisted June 24, 1918; joined company October 12th.
cuso, Frank, No. 1749080, Private, 641 Grove Street, Jersey City, N.
J. Enlisted April 26, 1918; joined company same date.
lace, Walter R., No. 3659523, Private, Carlsbad, New Mexico.
Enlisted August 5, 1918; joined company December 9th.
ndry, Carl, No. 3347495, Mechanic (address unknown). Enlisted July
22, 1918; joined company October 12th; slightly wounded in right leg
October 30th.
rner, Theodore H., No. 2450897, Private, c/o Mrs. T. W. Sadlier
(sister), Quoque, New York. Enlisted April 1, 1918; joined company
April 16th; reported missing in action September 26th; was prisoner
at Camp Rastatt, Germany; rejoined company January 16, 1919.
bb, William, No. 2409728, Pvt. 1st Class, 170 Jefferson Street,
Trenton, N. J. Enlisted February 25, 1918; joined company same
date; slightly wounded in right hand September 26th.
ber, Benjamin, No. 1746086, Mess Sergeant, 355 Joline Avenue,
Long Branch, N. J. Enlisted November 19, 1917; joined company
same date; with sergeant Welsh captured the first prisoner taken by
the company; appointed Mess Sergeant November 10th.
dman, John C., No. 1737335, Corporal, (Mrs. Justina Weidman,
mother), 364 Watson Street, Buffalo, N. Y. Enlisted April 3, 1918;
joined company same date; killed in action September 24th by direct
hit from shell while on outpost duty.
nstein, Nathan, No. 4561941, Private, 603 Prospect Avenue, Bronx,
N. Y. Enlisted August 26, 1918; joined company December 9th.
kony, Julius, No. 2059420, Cook, 4907 West Eddy Street, Chicago, Ill.
Enlisted October 4, 1917; joined regiment October 12, 1918; joined
company November 23d.
sh, Edward J., No. 2409727, Sergeant, c/o Margaret Eisenberg
(sister), 1719 Carlton Street, Philadelphia, Pa. Enlisted February 25,
1918; joined company same date; with sergeant Weber captured the
first prisoner taken by the company; severely wounded by seven
machine gun bullets in right wrist and both arms October 20th; cited
for bravery in Limey Sector; decorated with Distinguished Service
Cross for bravery in Meuse-Argonne fight.
stlund, Gust V., No. 2074345, Pvt. 1st Class, 229 Twentieth Avenue,
South, Minneapolis, Minn. Enlisted June 24, 1918; joined company
October 12th.
eeler, Raymerd, No. 2932858, Pvt. 1st Class, Peoli, Ohio. Enlisted
June 27, 1918; joined company December 9th.
te, Henry R., No. 1746087, Bugler, Center Street, Sea Bright, N. J.
Enlisted September 21, 1917; joined company same date; slightly
wounded September 26th; returned to United States in December.
te, Thomas A., No. 1764994, Corporal, 291 Babcock Street, Buffalo,
N. Y. Enlisted April 3, 1918; joined company same date.
te, Tracy S., No. 2410793, 1st Sergeant, 1215 L Street, Belmar, N. J.
Enlisted February 25, 1918; joined company same date. Appointed
1st Sergeant November 10th; decorated with Distinguished Service
Cross for bravery in Meuse-Argonne battles.
ett, Cornelius V. S., No. 2411126, Mechanic, Port Monmouth, N. J.
Enlisted February 25, 1918; joined company same date; slightly
wounded October 20th.
iams, Claude L., No. 1750243, Corporal, R. F. D. 1, Hector, N. Y.
Enlisted April 3, 1918; joined company same date.
iams, John, No. 1749065, Corporal, 116 Bloomfield Street, Hoboken,
N. J. Enlisted April 26, 1918; joined company same date; slightly
wounded in left hip September 26th.
more, Herbert McK., No. 2941605, Pvt. 1st Class, R. F. D. 3, West
Frankfort, Ill. Enlisted April 27, 1918; joined company same date.
son, Carol, No. 2413196, Sergeant, New Street, Sea Bright, N. J.
Enlisted February 25, 1918; joined company same date; Mess
 Sergeant from July 21st to October 20th, at which time he was
transferred to Army Candidate School; rejoined company December
17th; transferred to Headquarters Company, 311th Infantry, and
appointed Regimental Color Sergeant, February 3, 1919.
emiller, Robert B., No. 1746088, Bugler, 320 Tuttle Avenue, Spring
Lake, N. J. Enlisted September 21, 1917; joined company same
date; slightly wounded in left hand September 26; rejoined company
December 1st.
e, Henry B., No. 2670038, Pvt. 1st Class, 215 West 101st Street,
New York City. Enlisted April 4, 1918; joined company same date.
cott, George T., No. 2411649, Corporal, (Mrs. Harriet Wolcott, wife),
214 Newark Avenue, Bloomfield, N. J. Enlisted February 25, 1918;
joined company same date; killed in action September 26th by
machine gun bullet while rushing an enemy machine gun.
ff, George C., No. 3454499, Pvt. 1st Class, 1808 Emma Street,
Menominee, Mich. Enlisted July 14, 1918; joined company
December 9th.
fskeil, John E., No. 2414764, Corporal, 318 Linden Street, Elizabeth,
N. J. Enlisted April 2, 1918; joined company same date.
ley, Harry T., No. 2410794, Corporal, 132 Main Avenue, Ocean
Grove, N. J. Enlisted February 25, 1918; joined company same date;
slightly wounded in right hand September 26th; returned to United
States in February 1919.
otkin, Benjamin, No. 4566100, Private, 24 Cannon Street, New York
City. Enlisted August 28, 1918; joined company December 9th.
olley, Francis P., No. 2411651, Corporal, 388 Columbus Place, Long
Branch, N. J. Enlisted February 25, 1918; joined company same
date.
olley, James B., No. 2409730, Corporal, Farmingdale, N. J. Enlisted
February 25, 1918; joined company, same date; reported missing in
action September 26th; was wounded and evacuated to hospital
same date; rejoined company December 9th.
rsfold, Albert J., No. 3335949, Private (Mrs. Hannah Worsfold,
mother), Stark, Ill. Enlisted June 25, 1918; joined company October
12th; killed in action November 4th near Les Petites Armoises.
ace, Dan C. Z., No. 3656966, Private, Eaton, Colorado. Enlisted June
24, 1918; joined company December 9th.
ni, Michael, No. 2450800, Private, (Raffaeli Santone, friend), Ardsley,
N. Y. Enlisted March 30, 1918; joined company April 16th; killed in
action by sniper’s bullet through head, September 26th.
zian, Kajetan, No. 2422045, Private, 437 Fourteenth Street, West
New York, N. J. Enlisted May 29, 1918; joined company December
9th.
fski, Frank, No. 1764997, Private, 224 Winona Street, Buffalo, N. Y.
Enlisted April 3, 1918; joined company same date; reported missing
in action September 26th; was prisoner at Camp Rastatt, Germany;
rejoined company January 7, 1919.
olinkiewicz, Frank, No. 1737337, Corporal, 132 Detroit Street, Buffalo,
N. Y. Enlisted April 3, 1918; joined company same date.
 ROSTER OF THE COMPANY
When Sailing Overseas
Replacements from 86th Division
Replacements from other Units of the 311th
Infantry
All other Replacements
WHEN SAILING OVERSEAS

1st Sergeant
Maxwell B. Ertwine
Mess Sergeant
Warren D. Sculthorp
Supply Sergeant
Joseph Levy
Sergeants
James McC. Newell
Charles A. Robbins
Theodore A. Peterson
George H. Perry
William M. Reid
Peyton R. Anness
Hugh J. Sweeney
George H. Rogers
Alexander M. Hayden
Howard C. Lehy
Wilfred E. Haynes
Carol Wilson
Corporals
James E. Jones
Edward J. Johnson
Robert B. Winemiller
Harry T. Wolley
Edward F. Hennessey
John A. Geoghegan
Walter DeGrote
Joseph H. Fahey
George T. Wolcott
Francis P. Woolley
Bert W. Stiles
Joseph Apicelli
Frank Zwolinkiewicz
Joseph R. McGarrity
L. P. Morton Morris
Tracy S. White
Dayton Osterweis
Walter J. Ahearn
John C. Weidman
Mechanics
Lester E. Farry
George M. Thompson
George L. Tuthill
Cornelius V. S. Willett
Cooks
Harold Sculthorpe
Walter deBruin
Albert J. Lusier
Joseph J. Lang
Buglers
Henry R. White
James H. Lykes
Privates 1st Class
William B. Ackerman
Joseph S. Aldridge
Earl Barnes
John M. Benzing
William G. Butler
Dominick Calabrese
William J. Campbell
Samuel E. Chiaradio
Herbert M. P. Cocker
Lawrence M. Croft
Albert Deile, Jr.
Thomas E. Devine
Eugene Ely
William G. Emerson
John F. Fahey
Gustave E. Fleischmann
Sam Freedman
John G. Hansenberger
Raymond L. Harriss
George W. Heck
George A. Heichberger
George A. Hogan
Henry L. Huston
Isidore Kaufman
Vallie J. Kilburn
Harry J. Laurencell
Frederick H. McCarthy
Edward M. Malone
Charles J. Mouser
Clendenon S. Newell
Bernard J. O’Rourke
Charles Peter
Levi M. Pettys
Walter E. Pilarski
William H. Ryan
John D. Schelter
Walter Schultz
Edmund S. Skillen
Luke E. Slover, Jr.
Lewis Z. Sutton
Tony Venche
Theodore H. Warner
William M. Webb
Benjamin Weber
Edward J. Welsh
Thomas A. White
John E. Wolfskeil
James B. Woolley
Privates
William Y. Ackerman
Walter G. Amann
George J. Anderson
Stanislaw Andrzejewski
William A. Angevine
Aldo Annibalini
Carmine Arcuri
Carmelo Baiano
Walter V. Ball
William Baumann
Mervin Bement
John Bernhard
Barnett Bernstein
Harry C. Best
William Birk
Joseph Bishop
James Blair
George L. Blount
William D. Bogart
John F. Byreiter
Stanley F. Bogucki
Joseph A. Boucher
Edward H. Boyle
Bertrand G. Brooks
Louis Buechler
Harold E. Burchell
John F. Burke
James E. Cahill
Frederick S. Campanini
Anthony Cardell
Joseph R. Cassely
Natale A. Centofante
Pietro Colaguori
Rosario Collura
Frank J. Connolly
Elmer W. Cook
Henry A. Cordes
Alonzo Cottrell
John E. Culkowski
Joseph M. Curcio
Matthew V. Curtin
Frank Czajka
Michael Daeschler
Guisseppe Damato
Harvey R. Dash
Louis F. Denler
James J. Diskin
John E. Donohue
Harry Effingham
William J. Ellison
Patrick J. Feeney
Elmer Fellows
William H. Fielding
Jacob J. Fischer
Joseph Formes
Albert P. Frey
William E. Furlong
Julius Gaier
Edward F. Glenn
Israel Goldberg
Joseph F. Goodwin
Joseph G. Greenberg
Edward G. Gress
Carl E. Griffin
Charles F. Hallock
Max Halpern
George Hauber
James J. Healey
Loran L. Heiple
Fred Henne
Louis R. Heymer
Joseph L. Hill
Harold E. Holly
Eugene P. Hughes
Charles A. Hunterbrink
William Jacobi
Alexander Janicki
Charles W. Johnson
Albert B. Kane
Jay B. Karnes
Henry Kilbourn
Edward W. Kindt
John G. Kitson
Stanley E. Klosiak
William Koegel
Paul Keyes
Antoni Kopec
Walter Krygier
Alexandre Kuczkowski
Irving W. Lander
Fred C. H. Lange
Harry LaVigne
Joseph Ledwin
Cyril T. Leonard