1.

Record Nr.

UNINA9910255023903321

Autore

Köhn Julia

Titolo

Uncertainty in Economics : A New Approach / / by Julia Köhn

Pubbl/distr/stampa

Cham : , : Springer International Publishing : , : Imprint : Springer, , 2017

ISBN

3-319-55351-8

Edizione

[1st ed. 2017.]

Descrizione fisica

1 online resource (199 pages) : illustrations

Collana

Contributions to Economics, , 1431-1933

Disciplina

338.064

Soggetti

Schools of economics

Risk management

Philosophy and social sciences

Macroeconomics

Heterodox Economics

Risk Management

Philosophy of the Social Sciences

Macroeconomics/Monetary Economics//Financial Economics

Lingua di pubblicazione

Inglese

Formato

Materiale a stampa

Livello bibliografico

Monografia

Nota di bibliografia

Includes bibliographical references at the end of each chapters.

Nota di contenuto

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. .

Sommario/riassunto

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.