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The concept of degrees of uncertainty in Keynes, Shackle, and Davidson

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  • Marco Crocco

    ()
    (Universidade Federal de Minas Gerais)

Abstract

The aim of this piece is to discuss in what extent one can find - in the works of Shackle and Davidson - an understanding of uncertainty capable of both comprehend the concept of probable knowledge and admit the existence of degrees of 'true uncertainty'. Sharing the opinion of other scholars (Runde, 1990; Dow, 1995, and Dequech, 1997), we think that it is possible to find this definition of uncertainty in Keynes's works, and so make a point to the understanding of uncertainty as a concept feasible to be graded. Moreover, we claim that this concept is not incompatible with the understanding of the social reality as a nonergodic process. To sustain this claim, we will discuss Davidson's and Shackle's views and show that in their writings there are some elements that support our main point.

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Bibliographic Info

Article provided by Economics Department, Universidade Federal de Minas Gerais (Brazil) in its journal Nova Economia.

Volume (Year): 12 (2002)
Issue (Month): 2 (July-December)
Pages: 11-28

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Handle: RePEc:nov:artigo:v:12:y:2002:i:2:p:11-28

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Keywords: uncertainty; Shackle; knowledge;

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References

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  1. Lawson, Tony, 1987. "The Relative/Absolute Nature of Knowledge and Economic Analysis," Economic Journal, Royal Economic Society, vol. 97(388), pages 951-70, December.
  2. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-27, December.
  3. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(02), pages 275-292, October.
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Cited by:
  1. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2007. "Growth Cycles In Latin America And Developed Countries," Anais do XXXV Encontro Nacional de Economia [Proceedings of the 35th Brazilian Economics Meeting] 035, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  2. Marco Flávio da Cunha Resende & Daniela Almeida Raposo Torres, 2008. "National innovation system, competitiveness and economic growth," Textos para Discussão Cedeplar-UFMG td325, Cedeplar, Universidade Federal de Minas Gerais.
  3. Ekaterina Svetlova & Henk van Elst, 2012. "How is non-knowledge represented in economic theory?," Papers 1209.2204, arXiv.org.
  4. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2006. "Economic growth cycles in Latin America and developing countries," Textos para Discussão Cedeplar-UFMG td297, Cedeplar, Universidade Federal de Minas Gerais.
  5. Marco Crocco & Fabiana Santos & Pedro Amaral, 2009. "The spatial structure of the financial development in Brazil," Textos para Discussão Cedeplar-UFMG td361, Cedeplar, Universidade Federal de Minas Gerais.
  6. Khan, Haider & Patomäki, Heikki, 2013. "A reconstructive critique of IPE and GPE from a critical scientific realist perspective: An alternative Keynesian-Kaleckian approach," MPRA Paper 49517, University Library of Munich, Germany.

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