The concept of degrees of uncertainty in Keynes, Shackle, and Davidson
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.
Volume (Year): 12 (2002)
Issue (Month): 2 (July-December)
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- 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.
- Dosi, Giovanni, 1993.
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- Lawson, Tony, 1985. "Uncertainty and Economic Analysis," Economic Journal, Royal Economic Society, vol. 95(380), pages 909-927, December.
- Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(02), pages 275-292, October.
- Lawson, Tony, 1987. "The Relative/Absolute Nature of Knowledge and Economic Analysis," Economic Journal, Royal Economic Society, vol. 97(388), pages 951-970, December.
- 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. Full references (including those not matched with items on IDEAS)