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Uncertainty and Human Action. An Economic Perspective

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  • Ciote Cristina Steliana

    () (Faculty of Economics and Business Administration, ”Alexandru Ioan Cuza” University of Iasi)

Abstract

Through globalization, the world economic system acquires properties and features that its component parts or subsystems had not previously; as the economic, social and political interdependencies amplify it occurs an aggregation of national markets into a single unit, which causes an increase of degree of complexity and thus of uncertainty and risks. The heterogeneity of economic system components (individuals, organizations) is a reality and the economists have to determine variables which describe the dynamics of their action. Under uncertainty, total knowledge of future business processes is impossible to imagine. On the methodological level, beyond rational - irrational disputes, mainstream and heterodox theories converge towards action orientation to the future, which is the point of tangency with the recent theory of complexity. The proponents of both groups agree that in formulating predictions, modeling behaviors, monetary policy and income distribution, the critical factor that dominates and influences decisions is the uncertainty.

Suggested Citation

  • Ciote Cristina Steliana, 2012. "Uncertainty and Human Action. An Economic Perspective," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 368-372, Decembre.
  • Handle: RePEc:ovi:oviste:v:xii:y:2012:i:2:p:369-372
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    Keywords

    human action; uncertainty; theory of complexity; enlightened selfinterest; limited rationality.;

    JEL classification:

    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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