Reality and Economic Theory

Louise Davidson

Chapter 1 in Uncertainty, International Money, Employment and Theory, 1999, pp 3-29 from Palgrave Macmillan

Abstract: Abstract When discussing the implications of uncertainty on economic activity and its policy implications, the fundamental differences among various economic theories involve (a) the analyst’s conception of the external economic reality in which decision-makers operate, and (b) the ability of agents to understand that reality.

Keywords: Subjective Probability; Rational Expectation; Full Employment; Objective Probability; Expect Utility Theory (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1007/978-1-349-14991-9_1

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