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Organic Interdependence, Uncertainty and Economic Analysis

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  • Winslow, E G

Abstract

This paper examines the effect of John Maynard Keynes's organic view of interdependence on his treatment of induction, probability, and expectations. It argues that, while organic interdependence is compatible with rational induction and prediction in some circumstances (as it must be if there is to be a foundation for economic analysis), it is not normally compatible with the existence of a rational foundation for expectation of future yield from capital assets. This is not destructive of economic analysis, however, because Keynes assumes most agents respond irrationally and conventionally, rather than rationally and capriciously, to fundamental uncertainty. Copyright 1989 by Royal Economic Society.

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  • Winslow, E G, 1989. "Organic Interdependence, Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 99(398), pages 1173-1182, December.
    • Handle: RePEc:ecj:econjl:v:99:y:1989:i:398:p:1173-82
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    Cited by:

    1. Paul Downward, "undated". "Risk, Uncertainty and Inference in Post Keynesian Economics:A Realist Commentary," Working Papers 98-8, Staffordshire University, Business School.
    2. J. E. King, 2010. "Keynes and ‘Psychology’," Economic Papers, The Economic Society of Australia, vol. 29(1), pages 1-12, March.
    3. Muchlinski, Elke, 2011. "Die Rezeption der John Maynard Keynes Manuskripte von 1904 bis 1911. Anregungen für die deutschsprachige Diskussion," Discussion Papers 2011/7, Free University Berlin, School of Business & Economics.
    4. Alberto Feduzi, 2010. "On Keynes's conception of the Weight of Evidence," Post-Print hal-00870185, HAL.
    5. Feduzi, Alberto, 2010. "On Keynes's conception of the weight of evidence," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 338-351, November.
    6. Geoff Tily, 2023. "Victoria Chick's Keynes in Time," Development and Change, International Institute of Social Studies, vol. 54(5), pages 1296-1330, September.
    7. Muchlinski, Elke, 2003. "Épistémologie et probabilité chez Keynes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 57-70, Mars-Juin.

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