Uncertainty in Economics : A New Approach (9783319553504)
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.
Product details
- Hardback | 199 pages
- 155 x 235 x 12.7mm | 4,439g
- 02 Aug 2017
- Springer International Publishing AG
- Cham, Switzerland
- English
- 1st ed. 2017
- 9 Illustrations, black and white; IX, 199 p. 9 illus.
- 331955350X
- 9783319553504
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