The Eclipse of the Uncertainty Concept in Mainstream Economics

Geoffrey Hodgson ()

Journal of Economic Issues, 2011, vol. 45, issue 1, 159-176

Abstract: This paper examines the decline in use of the Knight-Keynes uncertainty concept in mainstream economics. Using electronic archives, it shows that the frequency of its appearance in leading journals of economics has fallen rapidly from the 1950s. As well as to the declining popularity of Keynesian ideas since about 1970, the decrease in this use of the uncertainty concept is additionally related to the increasing mathematical formalization of economics and to the prevalence of a positivist emphasis on prediction. Some possible causes of this formalization are examined. Finally the essay discusses the prospects for a broadening of economics within universities, beyond a relatively narrow preoccupation with predictive formalism and including a reinvigorated Keynesianism.

Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (11)

Downloads: (external link)
http://hdl.handle.net/10.2753/JEI0021-3624450109 (text/html)
Access to full text is restricted to subscribers.

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:mes:jeciss:v:45:y:2011:i:1:p:159-176

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MJEI20

DOI: 10.2753/JEI0021-3624450109

Access Statistics for this article

More articles in Journal of Economic Issues from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().