Uncertainty and economics: a paradigmatic perspective
"This 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 uncerta...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
London ; New York
Routledge, Taylor & Francis Group
2019
|
| Series: | Routledge frontiers of political economy
252 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | "This 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 this book, is applied to standard economic topics such as institutions, money, the Lucas critique, fiscal policy and asset pricing. Through applying a concise uncertainty paradigm, the book sheds new light on human decision making at large. Offering policy conclusions and recommendations for further theoretical and applied research, it will be of great interest to postgraduate students, academics and policy makers"-- |
| Physical Description: | x, 121 Seiten |
| ISBN: | 9780367076030 |
Staff View
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Contents Preface A cknowledgem en էտ Introduction 1 What’s uncertainty, after all? 1.1 1.2 2 Institutions, events and actions 3 Determinism, risk, ambiguity and uncertainty 5 1.2.1 Determinism 5 1.2.2 Chance, risk and ambiguity 6 1.2.3 Uncertainty 9 Uncertainty in economics 2.1 2.2 2.3 2.4 2.5 The origins of uncertainty 15 2.1.1 The main assumption 15 2.1.2 Uncertainty: a human trait 16 Rationality, uncertainty and decision making 19 2.2.1 Subjectivity, objectivity and rationality 19 2.2.2 Decision making under uncertainty 23 The epistemology of economics 29 2.3.1 A brief look in the rear mirror 29 2.3.2 Posİtivist-falsifıcationist epistemology 32 Paradigmatic uncertainty 42 2.4.1 Puzzles 43 2.4.2 Rational expectations and uncertainty 46 2.4.3 Rationality and uncertainty “measurement” 50 2.4.4 Elements of an uncertainty paradigm 53 Economic epistemology and uncertainty: an application to the Lucas critique 56
viii 3 Contents Uncertainty in the economy 3.1 3.2 3.3 4 Uncertainty and institutions 63 Money 66 Fiscal policy and Keynes s battles: lost and won 75 The empirics of uncertainty 4.1 A model for asset pricing under uncertainty 81 4.1.1 4.1.2 4.1.3 4.1.4 4.2 Testing for uncertainty 85 4.2.1 4.2.2 4.2.3 5 The investor’s objective function 81 The investment rule 82 The median investor 82 Properties of the subjective median model 84 Conclusion Bibliography Index Conventional asset pricing model and uncertainty 85 The empirical approach 86 The empirical evidence 90 |
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| illustrated | Not Illustrated |
| indexdate | 2025-02-12T11:01:02Z |
| institution | BVB |
| isbn | 9780367076030 |
| language | English |
| lccn | 2018042739 |
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| owner | DE-703 DE-188 |
| owner_facet | DE-703 DE-188 |
| physical | x, 121 Seiten |
| publishDate | 2019 |
| publishDateSearch | 2019 |
| publishDateSort | 2019 |
| publisher | Routledge, Taylor & Francis Group |
| record_format | marc |
| series | Routledge frontiers of political economy |
| series2 | Routledge frontiers of political economy |
| spelling | Müller-Kademann, Christian 1972- Verfasser (DE-588)171880919 aut Uncertainty and economics a paradigmatic perspective Christian Müller-Kademann London ; New York Routledge, Taylor & Francis Group 2019 x, 121 Seiten txt rdacontent n rdamedia nc rdacarrier Routledge frontiers of political economy 252 "This 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 this book, is applied to standard economic topics such as institutions, money, the Lucas critique, fiscal policy and asset pricing. Through applying a concise uncertainty paradigm, the book sheds new light on human decision making at large. Offering policy conclusions and recommendations for further theoretical and applied research, it will be of great interest to postgraduate students, academics and policy makers"-- Uncertainty Economics Wirtschaft (DE-588)4066399-1 gnd rswk-swf Erwartung (DE-588)4015434-8 gnd rswk-swf Unsicherheit (DE-588)4186957-6 gnd rswk-swf Wirtschaft (DE-588)4066399-1 s Erwartung (DE-588)4015434-8 s Unsicherheit (DE-588)4186957-6 s DE-604 Erscheint auch als Online-Ausgabe 978-0-429-02153-4 (ebk) Routledge frontiers of political economy 252 (DE-604)BV010502713 252 Digitalisierung UB Bayreuth - ADAM Catalogue Enrichment application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030804426&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Müller-Kademann, Christian 1972- Uncertainty and economics a paradigmatic perspective Routledge frontiers of political economy Uncertainty Economics Wirtschaft (DE-588)4066399-1 gnd Erwartung (DE-588)4015434-8 gnd Unsicherheit (DE-588)4186957-6 gnd |
| subject_GND | (DE-588)4066399-1 (DE-588)4015434-8 (DE-588)4186957-6 |
| title | Uncertainty and economics a paradigmatic perspective |
| title_auth | Uncertainty and economics a paradigmatic perspective |
| title_exact_search | Uncertainty and economics a paradigmatic perspective |
| title_full | Uncertainty and economics a paradigmatic perspective Christian Müller-Kademann |
| title_fullStr | Uncertainty and economics a paradigmatic perspective Christian Müller-Kademann |
| title_full_unstemmed | Uncertainty and economics a paradigmatic perspective Christian Müller-Kademann |
| title_short | Uncertainty and economics |
| title_sort | uncertainty and economics a paradigmatic perspective |
| title_sub | a paradigmatic perspective |
| topic | Uncertainty Economics Wirtschaft (DE-588)4066399-1 gnd Erwartung (DE-588)4015434-8 gnd Unsicherheit (DE-588)4186957-6 gnd |
| topic_facet | Uncertainty Economics Wirtschaft Erwartung Unsicherheit |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030804426&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV010502713 |
| work_keys_str_mv | AT mullerkademannchristian uncertaintyandeconomicsaparadigmaticperspective |