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Knowing and Acting: on uncertainty in economics

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  • David Levine

Abstract

Economists who speak of uncertainty tend to attribute it to the objective, external, world, which they sometimes describe as being uncertain. However plausible this way of speaking about uncertainty, it also causes problems. This essay explore some of these problems, which have to do with what it means to attribute uncertainty to the state of the world, particularly to bring in the flow of 'historical' time. The essay advances the idea that uncertainty be understood not as an intrinsic attribute of the flow of time, but in connection with a specific moment in human history and the situation in which individuals find themselves at that moment. The essay focuses attention on the status of the subject of agent in economics, and the conditions under which knowing and acting are possible. Special emphasis is placed on the implications for knowing and acting on the distinction between traditional and modern society.

Suggested Citation

  • David Levine, 1997. "Knowing and Acting: on uncertainty in economics," Review of Political Economy, Taylor & Francis Journals, vol. 9(1), pages 5-17.
    • Handle: RePEc:taf:revpoe:v:9:y:1997:i:1:p:5-17
    DOI: 10.1080/09538259700000016
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    References listed on IDEAS

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    1. Sen, Amartya K, 1973. "Behaviour and the Concept of Preference," Economica, London School of Economics and Political Science, vol. 40(159), pages 241-259, August.
    2. Robert L. Heilbroner, 1982. "The Socialization of the Individual in Adam Smith," History of Political Economy, Duke University Press, vol. 14(3), pages 427-439, Fall.
    3. J. M. Keynes, 1937. "The General Theory of Employment," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 51(2), pages 209-223.
    4. Paul Davidson, 1991. "Is Probability Theory Relevant for Uncertainty? A Post Keynesian Perspective," Journal of Economic Perspectives, American Economic Association, vol. 5(1), pages 129-143, Winter.
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