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Uncertainty in economics : a new approach / Julia Kohn.

By: Material type: TextTextSeries: Contributions to economicsPublication details: Cham : Springer, 2017.Description: ix, 199 pages : illustrations ; 24 cmISBN:
  • 9783319553504
Subject(s): DDC classification:
  • 338.064 23 K79
Contents:
1. Introduction -- 2. Uncertainty in the history of economic thought -- 3. Truth, probability and uncertainty -- 4. The principles of economics -- 5. Probability and neoclassical uncertainty -- 6. The origin of profit -- 7. Uncertainty and economic instability -- 8. The division of knowledge and unknowledge -- 9. The nature of economics -- 10. Extending the boundaries of economics -- 11. Uncertainty and fiction -- 12. Human after all.
Summary: 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.
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Includes bibliographical references.

1. Introduction --
2. Uncertainty in the history of economic thought --
3. Truth, probability and uncertainty --
4. The principles of economics --
5. Probability and neoclassical uncertainty --
6. The origin of profit --
7. Uncertainty and economic instability --
8. The division of knowledge and unknowledge --
9. The nature of economics --
10. Extending the boundaries of economics --
11. Uncertainty and fiction --
12. 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.

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