Uncertainty, conventions and short-term expectations

David Dequech ()

Brazilian Journal of Political Economy, 1999, vol. 19, issue 3, 470-484

Abstract: Contrasting different views on the topic, this article examines whether short--term expectations involve uncertainty, arguing in favour of an affirmative answer and thusinvalidating any association with the rational or adaptive expectations hypothesis. It is thenargued that the presence of uncertainty precludes any tendency towards equilibrium. Afterthe notion of the state of short-term expectations is introduced, this conclusion is affirmedto be valid even if one considers that producers often follow conventional behaviour. Defendingthe view that uncertainty should be considered as gradable, the article maintains thatconventions reduce but do not eliminate uncertainty. JEL Classification: E12

Keywords: Uncertainty; post-Keyesianism; equilibrium (search for similar items in EconPapers)
Date: 1999
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