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Uncertainty in Economic Thought
Uncertainty in Economic Thought brings together an international group of scholars to explore the treatment of uncertainty in various different schools of economic thought.
Beginning with the nineteenth century and the Austrian School, this major volume discusses orthodox and heterodox views on risk, uncertainty and expectations, from Knight and Keynes to Maurice Allais. Demonstrating that new insights can be found by examining the work of past economists, the authors focus on the two major paths linking uncertainty to economics: the decision-making process itself and system dynamics. After addressing the foundations and concepts of the uncertainty debate, the distinguished contributors, who include such figures as Mark Perlman, Charles McCann, Christian Schmidt, Omar Hamouda and Robin Rowley, discuss the main trends in the history of economic thought aswell as statistical and mathematical approaches.
Beginning with the nineteenth century and the Austrian School, this major volume discusses orthodox and heterodox views on risk, uncertainty and expectations, from Knight and Keynes to Maurice Allais. Demonstrating that new insights can be found by examining the work of past economists, the authors focus on the two major paths linking uncertainty to economics: the decision-making process itself and system dynamics. After addressing the foundations and concepts of the uncertainty debate, the distinguished contributors, who include such figures as Mark Perlman, Charles McCann, Christian Schmidt, Omar Hamouda and Robin Rowley, discuss the main trends in the history of economic thought aswell as statistical and mathematical approaches.
More Information
Critical Acclaim
Contributors
Contents
More Information
Uncertainty in Economic Thought brings together an international group of scholars to explore the treatment of uncertainty in various different schools of economic thought.
Beginning with the nineteenth century and the Austrian School, this major volume discusses orthodox and heterodox views on risk, uncertainty and expectations, from Knight and Keynes to Maurice Allais. Demonstrating that new insights can be found by examiningthe work of past economists, the authors focus on the two major paths linking uncertainty to economics: the decision-making process itself and system dynamics. After addressing the foundations and concepts of the uncertainty debate, the distinguished contributors, who include such figures as Mark Perlman, Charles McCann, Christian Schmidt, Omar Hamouda and Robin Rowley, discuss the main trends in the history of economic thought aswell as statistical and mathematical approaches.
Students, scholars and reasearchers will welcome Uncertainty in Economic Thought for its authoritative, wide-ranging and animated discussion of the key issues concerned with uncertainty in economics and for bringing together contributions by some of the leading scholars working in the field.
Beginning with the nineteenth century and the Austrian School, this major volume discusses orthodox and heterodox views on risk, uncertainty and expectations, from Knight and Keynes to Maurice Allais. Demonstrating that new insights can be found by examiningthe work of past economists, the authors focus on the two major paths linking uncertainty to economics: the decision-making process itself and system dynamics. After addressing the foundations and concepts of the uncertainty debate, the distinguished contributors, who include such figures as Mark Perlman, Charles McCann, Christian Schmidt, Omar Hamouda and Robin Rowley, discuss the main trends in the history of economic thought aswell as statistical and mathematical approaches.
Students, scholars and reasearchers will welcome Uncertainty in Economic Thought for its authoritative, wide-ranging and animated discussion of the key issues concerned with uncertainty in economics and for bringing together contributions by some of the leading scholars working in the field.
Critical Acclaim
‘. . . we can argue that uncertainty is a useful “instrument” for economic knowledge, even if it has not had enough consideration in the history of economic thought. This book contributes to filling the void.’
– Gianfranco Tusset, History of Economic Ideas
‘. . . this volume, taken as a whole, will serve its readers as a superb, near-encyclopedic reference source for further reading and thought on the role of uncertainty in economic thought.’
– Israel M. Kirzner, Southern Economic Journal
– Gianfranco Tusset, History of Economic Ideas
‘. . . this volume, taken as a whole, will serve its readers as a superb, near-encyclopedic reference source for further reading and thought on the role of uncertainty in economic thought.’
– Israel M. Kirzner, Southern Economic Journal
Contributors
Contributors: T. Aimar, A. Carry, P. Davidson, M.A. Dimand, R.W. Dimand, P. Garello, O. Hamouda, C. McCann, C. Meidinger, M. Netter, M. Perlman, J.M. Ponsonnet, G. Prat, R. Rowley, C. Schmidt
Contents
Contents: Introduction Part I: Foundations and Concepts 1. Varieties of Uncertainty (M. Perlman, C. McCann ), 2. Some Misunderstanding on Uncertainty in Modern Classical Economics (P. Davidson), 3. Ignorance and the Absence of Probabilities (O. Hamouda, R. Rowley) 4. Risk and Uncertainty: A Knightian Distinction Revisited (C. Schmidt) Part II: Main Trends in the History of Economic Thought 5 Uncertainty and Subjectivism: The Role of Uncertainty in the Austrian School ( P. Garello) 6. Money and Uncertainty in the Economic Thought of Carl Menger (T. Aimar) 7. Radical Uncertainty and its Economic Scope According to Knight and According to Keynes (M. Netter) 8. Uncertainty in the Writings of Kondratiev (A. Carry) Part III: Statistics and Mathematical Approaches 9. From Errors Theory to Linear Regression (C. Meidinger) 10. From Games of Pure Chance to Strategic Games: French Probabilists and Early Game Theory ( M.A. Dimand, R.W. Dimand) 11. The Best and the Worst in G.L.S. Shackle’s Decision Theory ( J.M. Ponsonnet) 12. “Hazard”, Determinism and Economic Fluctuations in Maurice Allais’ Thought (G. Prat) Index