Chaos Theory Versus Heisenberg's Uncertainty: Risk, Uncertainty and Economic Theory
The paper argues that there is a fundamental difference between the indeterminism of chaos theory and the indeterminism of quantum mechanics. The difference somewhat resembles Knight's distinction between risk and uncertainly. Theorists interested in going beyond equilibrium economics have failed to notice the difference. Therefore, they confuse between two kinds of economic change which involve indeterminism, viz. , nonlinear dynamics and technological/institutional development. They also regard the evolutionary paradigm as an alternative of the equilibrium oneâ€”whereas each deals with a different phenomenon.
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