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Uncertainty and Fiction

In: Uncertainty in Economics

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  • Julia Köhn

Abstract

The economic theory of choice denies uncertainty to a large degree. In my previous chapters I have argued that this denial is both illegitimate from a philosophy of science perspective and misdirecting economics. Uncertainty is fundamental to economic phenomena and economic actions. However, so far it is not sufficiently represented in economic theories. Therefore, the conclusions of economic theories are not applicable to real political questions. In what follows, I suggest a theory of reasonable economic action under conditions of uncertainty. The theory describes how choice could be conceptualised under conditions of uncertainty.

Suggested Citation

  • Julia Köhn, 2017. "Uncertainty and Fiction," Contributions to Economics, in: Uncertainty in Economics, chapter 0, pages 177-192, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-55351-1_11
    DOI: 10.1007/978-3-319-55351-1_11
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