Uncertainty in Economics
| Autor: | Köhn, Julia |
|---|---|
| EAN: | 9783319856353 |
| Sachgruppe: | Wirtschaft |
| Sprache: | Englisch |
| Seitenzahl: | 212 |
| Produktart: | Kartoniert / Broschiert |
| Veröffentlichungsdatum: | 01.08.2018 |
| Untertitel: | A New Approach |
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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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