Uncertainty and Economics: A Paradigmatic Perspective, 1st Edition (e-Book) book cover

Uncertainty and Economics

A Paradigmatic Perspective, 1st Edition

By Christian Müller-Kademann

Routledge

122 pages | 16 B/W Illus.

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Hardback: 9780367076030
pub: 2019-01-15
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Description

This book is set against the assumption that humans' unique feature is their infinite creativity, their ability to reflect on their deeds and to control their actions. These skills give rise to genuine uncertainty in society and hence in the economy. Here, the author sets out that uncertainty must take centre stage in all analyses of human decision making and therefore in economics.

Uncertainty and Economics carefully defines a taxonomy of uncertainty and argues that it is only uncertainty in its most radical form which matters to economics. It shows that uncertainty is a powerful concept that not only helps to resolve long-standing economic puzzles but also unveils serious contradictions within current, popular economic approaches. It argues that neoclassical, real business cycle, or new-Keynesian economics must be understood as only one way to circumvent the analytical challenges posed by uncertainty. Instead, embracing uncertainty offers a new analytical paradigm which, in this book, is applied to standard economic topics such as institutions, money, the Lucas critique, fiscal policy and asset pricing.

Through applying a concise uncertainty paradigm, the book sheds new light on human decision making at large. Offering policy conclusions and recommendations for further theoretical and applied research, it will be of great interest to postgraduate students, academics and policy makers.

Reviews

"Essential reading for everyone who is willing to take "uncertainty" in economics seriously!", Prof. Dr. Joachim Güntzel, Baden-Württemberg Cooperative State University, Ravensburg, Germany

Table of Contents

Preface.

Acknowledgements.

Introduction.

1. What's uncertainty, after all?

2. Uncertainty in economics.

3. Uncertainty in the economy.

4. The empirics of uncertainty.

5. Conclusion.

Bibliography.

Index.

About the Author

Christian Müller-Kademann is Privatdozent of Economics at Jacobs University in Bremen, Germany. He received his first degree from Hull University, UK before graduating from Humboldt University, Berlin with a diploma in economics, after which he began his PhD in economics and econometrics.

About the Series

Routledge Frontiers of Political Economy

In recent years, there has been widespread criticism of mainstream economics. This has taken many forms, from methodological critiques of its excessive formalism, to concern about its failure to connect with many of the most pressing social issues. This series provides a forum for research which is developing alternative forms of economic analysis. Reclaiming the traditional 'political economy' title, it refrains from emphasising any single school of thought, but instead attempts to foster greater diversity within economics.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS023000
BUSINESS & ECONOMICS / Economic History
BUS039000
BUSINESS & ECONOMICS / Economics / Macroeconomics
BUS069000
BUSINESS & ECONOMICS / Economics / General
BUS069030
BUSINESS & ECONOMICS / Economics / Theory