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

Author

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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.

Suggested Citation

  • Marco Crocco, 2002. "The concept of degrees of uncertainty in Keynes, Shackle, and Davidson," Nova Economia, Economics Department, Universidade Federal de Minas Gerais (Brazil), vol. 12(2), pages 11-28, July-Dece.
  • Handle: RePEc:nov:artigo:v:12:y:2002:i:2:p:11-28
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    File URL: http://www.face.ufmg.br/novaeconomia/sumarios/v12n2/Crocco.pdf
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    References listed on IDEAS

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    1. Paul Davidson, 1983. "Rational Expectations: A Fallacious Foundation for Studying Crucial Decision-Making Processes," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 5(2), pages 182-198, January.
    2. Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-927, December.
    3. Lawson, Tony, 1987. "The Relative/Absolute Nature of Knowledge and Economic Analysis," Economic Journal, Royal Economic Society, vol. 97(388), pages 951-970, December.
    4. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
    5. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(02), pages 275-292, October.
    6. Paul Davidson, 1987. "Sensible Expectations and the Long-Run Non-Neutrality of Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 10(1), pages 146-153, September.
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    Citations

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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 Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    2. 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.
    3. Marco Flávio da Cunha Resende & Daniela Almeida Raposo Torres, 2008. "National Innovation System, Trade Elasticities and Economic Growth," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211110340, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. 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.
    5. 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.
    6. 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.
    7. Ekaterina Svetlova & Henk van Elst, 2012. "How is non-knowledge represented in economic theory?," Papers 1209.2204, arXiv.org.

    More about this item

    Keywords

    uncertainty; Shackle; knowledge;

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General

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