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.
| ISBN: | 9783319553504 |
| Publication date: | 14th July 2017 |
| Author: | Julia Köhn |
| Publisher: | Springer an imprint of Springer International Publishing |
| Format: | Hardback |
| Pagination: | 199 pages |
| Series: | Contributions to Economics |
| Genres: |
Economic theory and philosophy Risk assessment Social and political philosophy Macroeconomics Management and management techniques |