Uncertainty in Economics

A New Approach

Business & Finance, Industries & Professions, Insurance, Economics, Theory of Economics
Cover of the book Uncertainty in Economics by Julia Köhn, Springer International Publishing
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Author: Julia Köhn ISBN: 9783319553511
Publisher: Springer International Publishing Publication: July 4, 2017
Imprint: Springer Language: English
Author: Julia Köhn
ISBN: 9783319553511
Publisher: Springer International Publishing
Publication: July 4, 2017
Imprint: Springer
Language: English

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.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

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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