On Uncertainty in Keynesian Macroeconomics and German Ordnungstheorie

Rudolf Richter

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften, 2016, vol. 136, issue 2, 131-153

Abstract: The debate on Keynes glossed over his intention to replace classical economic theory by an approach considering uncertainty in terms of there being no scientific basis on which to form calculable probability. Keynes takes this into account by replacing the (neo-)classical assumption of perfectly rational optimizing behavior by psychologically justified behavioral assumptions. As for the rest, he hangs on to the neoclassical model in a “macroeconomic” sense. Later developments based on the micro-foundations of macroeconomics disregard the Keynesian uncertainty problem entirely. Given that, Keynesians do not have much choice but to accept the older social control style of David Hume, also applied by German Ordnungstheorie (system theory) - and, indeed, there are no reasons for Keynesians to turn their backs on German Ordnungstheorie.

Date: 2016
References: Add references at CitEc
Citations:

Downloads: (external link)
http://dx.doi.org/10.3790/schm.136.2.131 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:dah:aeqsjb:v136_y2016_i2_q2_p131-153

Ordering information: This journal article can be ordered from
https://www.duncker-humblot.de/zeitschriften/schm

Access Statistics for this article

Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften is currently edited by Nils Goldschmidt, Erik Grimmer-Solem and Joachim Zweynert

More articles in Schmollers Jahrbuch : Journal of Applied Social Science Studies / Zeitschrift für Wirtschafts- und Sozialwissenschaften from Duncker & Humblot, Berlin
Bibliographic data for series maintained by E-Publishing-Team ().