Uncertainty in Economics

Louise Davidson

Chapter 2 in Uncertainty, International Money, Employment and Theory, 1999, pp 30-37 from Palgrave Macmillan

Abstract: Abstract There are two different concepts of uncertainty in economics: the classical concept and the Keynes concept. The ability of economists to explain the importance of money, liquidity and the existence of persistent unemployment in a market economy depends on which concept of uncertainty the analyst uses.

Keywords: Rational Expectation; Probabilistic Risk; Nobel Prize Winner; Economic Time Series; Rational Expectation Hypothesis (search for similar items in EconPapers)
Date: 1999
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DOI: 10.1007/978-1-349-14991-9_2

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