Uncertainty in Economics [electronic resource] : A New Approach /
Köhn, Julia.author.
In this book the author develops a new approach to uncertainty in economics, which calls for a fundamental change in the methodology of economics. It provides a comprehensive overview and critical appraisal of the economic theory of uncertainty and shows that uncertainty was originally conceptualized both as an epistemic and an ontological problem. As a result of the economic professions’ attempt to become acknowledged as a science, the more problematic aspect of ontological uncertainty has been neglected and the subjective probability approach to uncertainty became dominant in economic theory. A careful analysis of ontological theories of uncertainty explains the blindness of modern economics to economic phenomena such as instability, slumps or excessive booms. Based on these findings the author develops a new approach that legitimizes a New Uncertainty Paradigm in economics.
Includes bibliographical references at the end of each chapters.
Part I: Uncertainty in economic thought -- Uncertainty in the history of economic thought -- Truth, probability and uncertainty -- The principles of economics -- Probability and neoclassical uncertainty -- Part II: Philosophies of uncertainty -- The origin of the profit -- Uncertainty and economic instability.-The division of knowledge and unknowledge -- The nature of economics -- Part III: Methodology of uncertainty -- Extending the boundaries of economics -- Uncertainty and fiction -- Human after all. .
In this book the author develops a new approach to uncertainty in economics, which calls for a fundamental change in the methodology of economics. It provides a comprehensive overview and critical appraisal of the economic theory of uncertainty and shows that uncertainty was originally conceptualized both as an epistemic and an ontological problem. As a result of the economic professions’ attempt to become acknowledged as a science, the more problematic aspect of ontological uncertainty has been neglected and the subjective probability approach to uncertainty became dominant in economic theory. A careful analysis of ontological theories of uncertainty explains the blindness of modern economics to economic phenomena such as instability, slumps or excessive booms. Based on these findings the author develops a new approach that legitimizes a New Uncertainty Paradigm in economics.
Schools of economics.
Risk management.
Social sciences
Macroeconomics.
Heterodox Economics.
Risk Management.
Philosophy of the Social Sciences.
Macroeconomics/Monetary Economics//Financial Economics.