Some Remarks on Convention in Keynes's Economic Thinking

Elke Muchlinski ()

Departmental Working Papers

Abstract: The purpose of this paper is to explain why Keynes revolutionized economic theory. He developed an epistemological approach to economic theory by integrating the categories of knowledge, ignorance, rational degree and precariousness. He abandoned constructivism because he rejected empty concepts as dry dones. He also left empiricism and realism behind since he needed to discuss his categories as a priori principles. He viewed bivalent logic as inadequate for his purpose to find solutions on economic problems. To defend his view of uncertainty inherent in all economic decisions he relied on the concepts of degree of credibi¬ity, degree of confidence and conventional judgement. His economic theory can be interpreted as an integrative approach to applied economics.

Keywords: Epistemology; mental mapping; decision making under uncertainty (search for similar items in EconPapers)
JEL-codes: A12 B22 D81 D83 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-his and nep-hpe
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