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

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  • Marco Crocco

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Abstract

The aim of the paper is to discuss and define a concept of Keynesian uncertainty capable of both to comprehend the concept of probable knowledge and admit the existence of degrees of uncertainty. Although the economic literature have been discussed this concept based on the discussion of the weight of argument that comes from Keynes’s theory of probability, we claim that this discussion must include the analysis of the relevance of the evidence. Moreover, we claim that this concept of uncertainty is not incompatible with Shackle’s concept of crucial decision and the understanding of the social reality as a nonergodic process.

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Bibliographic Info

Paper provided by Cedeplar, Universidade Federal de Minas Gerais in its series Textos para Discussão Cedeplar-UFMG with number td147.

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Length: 34 pages
Date of creation: 2000
Date of revision:
Publication status: Forthcoming in Nova Economia, 2002.
Handle: RePEc:cdp:texdis:td147

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Keywords: Post Keynesian economics; uncertainty; Shackle; Keynes;

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References

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  1. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(02), pages 275-292, October.
  2. Dosi, Giovanni, 1982. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 11(3), pages 147-162, June.
  3. Lawson, Tony, 1987. "The Relative/Absolute Nature of Knowledge and Economic Analysis," Economic Journal, Royal Economic Society, vol. 97(388), pages 951-70, December.
  4. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-27, December.
  5. Paul Davidson, 1987. "Sensible Expectations and the Long-Run Non-Neutrality of Money," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 10(1), pages 146-153, October.
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Cited by:
  1. 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.
  2. Ekaterina Svetlova & Henk van Elst, 2012. "How is non-knowledge represented in economic theory?," Papers 1209.2204, arXiv.org.
  3. 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.
  4. Adriana Moreira Amado & Marco Flávio da Cunha Resende & Frederico G. Jayme Jr., 2008. "Growth cycles in Latin America and developed countries," Textos para Discussão Cedeplar-UFMG td327, Cedeplar, Universidade Federal de Minas Gerais.
  5. 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.
  6. 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.

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