Advanced Search
MyIDEAS: Login

The Eclipse of the Uncertainty Concept in Mainstream Economics

Contents:

Author Info

  • Geoffrey M. Hodgson

Abstract

This paper examines the decline in use of the Knight-Keynes uncertainty concept in mainstream economics. Using electronic archives, it shows that the frequency of its appearance in leading journals of economics has fallen rapidly from the 1950s. As well as to the declining popularity of Keynesian ideas since about 1970, the decrease in this use of the uncertainty concept is additionally related to the increasing mathematical formalization of economics and to the prevalence of a positivist emphasis on prediction. Some possible causes of this formalization are examined. Finally the essay discusses the prospects for a broadening of economics within universities, beyond a relatively narrow preoccupation with predictive formalism and including a reinvigorated Keynesianism.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://mesharpe.metapress.com/link.asp?target=contribution&id=238XP2M655016302
Download Restriction: Access to full text is restricted to subscribers.

As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.

Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

Volume (Year): 45 (2011)
Issue (Month): 1 (March)
Pages: 159-176

as in new window
Handle: RePEc:mes:jeciss:v:45:y:2011:i:1:p:159-176

Contact details of provider:
Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

Related research

Keywords: formalization of economics; Frank Knight; John Maynard Keynes; prediction; probability; uncertainty;

References

No references listed on IDEAS
You can help add them by filling out this form.

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Hodgson, Geoffrey M., 2013. "Observations on the legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 331-337.
  2. Bélyácz, Iván, 2013. "Várakozások, bizonytalanság, valószínűség. Értekezés a kockázat számszerűsítésének korlátairól
    [Expectations, uncertainty and probability. An assessment of the limits to the quanti
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 749-780.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:mes:jeciss:v:45:y:2011:i:1:p:159-176. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ian Winship) or (Chris Nguyen).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.