Post-Keynesian Controversy About Uncertainty: Methodological Perspective, Part I

Luká? Augustin Máslo ()
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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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Published in Proceedings of the Proceedings of the 51st International Academic Conference, Vienna, Oct 2019, pages 85-91

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Persistent link: https://EconPapers.repec.org/RePEc:sek:iacpro:9512190

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