Knowledge in Economics

John Kay

Chapter Chapter 8 in The Economic Crisis and the State of Economics, 2010, pp 91-100 from Palgrave Macmillan

Abstract: Abstract What can we know about the economic world? What is the nature of knowledge in economics? As I see it, the test of an economic model is whether it is useful rather than whether it is true. Let me elucidate that theme in relation to the two basic models which underpin much of financial economics.

Keywords: Reasonable Doubt; Narrative Approach; Bank Manager; Subjective Expected Utility; Risk Allocation (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-10569-0_9

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DOI: 10.1057/9780230105690_9

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