Strong Uncertainty and How to Cope with it to Improve Action and Capacity

Paul Davidson

Chapter 2 in Issues in Finance and Monetary Policy, 2007, pp 8-27 from Palgrave Macmillan

Abstract: Abstract The entrepreneurial system that most people call capitalism, though imperfect, is the best system humans have yet devised for promoting economic growth, development and prosperity. In fact, classical economic theory in its nineteenth- and early twentieth-century version and its modern Walras-Arrow-Debreu interpretation that is the foundation of twenty-first century mainstream economic theory can ‘demonstrate’ that free market capitalism is the most efficient engine possible for propelling our society towards an economic Utopia here on earth. In such a system, a free market coordinates the decisions of self-interested agents without any need for government interference.

Keywords: Mutual Fund; Time Machine; Full Employment; Current Account Deficit; Current Income (search for similar items in EconPapers)
Date: 2007
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DOI: 10.1057/9780230801493_2

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