Post-Keynesian Controversy About Uncertainty: Methodological Perspective, Part I
Luká? Augustin Máslo (lukas.maslo@vse.cz)
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Luká? Augustin Máslo: University of Economics, Prague
No 9512190, Proceedings of International Academic Conferences from International Institute of Social and Economic Sciences
Abstract:
In this paper, the author summarizes key arguments in a discussion of two post-Keynesian economists, Paul Davidson and Rod O?Donnell, about the nature of uncertainty in economics. The author focuses on a controversy about necessity/unnecessity to supply a proof of ergodicity/non-ergodicity of economic processes. The author draws a conclusion that O?Donnell perceives the difference between probabilistic and non-probabilistic uncertainty as quantitative rather than qualitative in opposition to Davidson who perceives this difference as qualitative. In a controversy about necessity/unnecessity, the author sides with O?Donnell and supports O?Donnell?s argumentation by pointing to baselessness of the burden-of-proof argument, as long as both parties of the controversy have an interest in finding the truth.
Keywords: ergodicity; uncertainty; probability (search for similar items in EconPapers)
JEL-codes: B41 D80 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2019-10
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-ore and nep-pke
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Citations:
Published in Proceedings of the Proceedings of the 51st International Academic Conference, Vienna, Oct 2019, pages 85-91
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https://iises.net/proceedings/iises-international- ... 97&iid=024&rid=12190 First version, 2019
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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:9512190
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