Uncertainty and Fiction

Julia Köhn

Chapter Chapter 11 in Uncertainty in Economics, 2017, pp 177-192 from Springer

Abstract: Abstract The economic theory of choice denies uncertainty to a large degree. In my previous chapters I have argued that this denial is both illegitimate from a philosophy of science perspective and misdirecting economics. Uncertainty is fundamental to economic phenomena and economic actions. However, so far it is not sufficiently represented in economic theories. Therefore, the conclusions of economic theories are not applicable to real political questions. In what follows, I suggest a theory of reasonable economic action under conditions of uncertainty. The theory describes how choice could be conceptualised under conditions of uncertainty.

Date: 2017
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DOI: 10.1007/978-3-319-55351-1_11

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