Description
Book SynopsisThis book is set against the assumption that humans' unique feature is their infinite creativity, their ability to reflect on their deeds and to control their actions. These skills give rise to genuine uncertainty in society and hence in the economy. Here, the author sets out that uncertainty must take centre stage in all analyses of human decision making and therefore in economics.
Uncertainty and Economics carefully defines a taxonomy of uncertainty and argues that it is only uncertainty in its most radical form which matters to economics. It shows that uncertainty is a powerful concept that not only helps to resolve long-standing economic puzzles but also unveils serious contradictions within current, popular economic approaches. It argues that neoclassical, real business cycle, or new-Keynesian economics must be understood as only one way to circumvent the analytical challenges posed by uncertainty. Instead, embracing uncertainty offers a new analytical paradigm which, in
Trade Review
"Essential reading for everyone who is willing to take "uncertainty" in economics seriously!", Prof. Dr. Joachim Güntzel, Baden-Württemberg Cooperative State University, Ravensburg, Germany
Table of ContentsPreface.
Acknowledgements.
Introduction.
1. What's uncertainty, after all?
2. Uncertainty in economics.
3. Uncertainty in the economy.
4. The empirics of uncertainty.
5. Conclusion.
Bibliography.
Index.
