Two Post-Keynesian approaches to uncertainty and irreducible uncertainty

O'Donnell, R

Two Post-Keynesian approaches to uncertainty and irreducible uncertainty

O'Donnell, R

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Publisher:: Oxford University Press
Publication Type:: Chapter
Citation:: The Oxford Handbook of Post-Keynesian Economics, 2013, 1, pp. 124 - 142
Issue Date:: 2013-01

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Field	Value	Language
dc.contributor.author	O'Donnell, R	en_US
dc.contributor.editor	Harcourt, GC	en_US
dc.contributor.editor	Kriesler, P	en_US
dc.date.issued	2013-01	en_US
dc.identifier.citation	The Oxford Handbook of Post-Keynesian Economics, 2013, 1, pp. 124 - 142	en_US
dc.identifier.isbn	978-0-19-539076-6	en_US
dc.identifier.uri	http://hdl.handle.net/10453/27699
dc.description.abstract	Uncertainty, especially irreducible uncertainty, is an essential component of Keyness General Theory and of post-Keynesian economics. Within post-Keynesianism, however, two contrasting understandings of uncertainty and its cognate concepts have emerged over the last few decades. These are the Human Abilities/Characteristics approach and the Ergodic/Nonergodic approach, which are often portrayed as epistemological uncertainty and ontological uncertainty respectively. According to the former, uncertainty is ultimately grounded on certain inescapable limitations in human knowledge and abilities to acquire knowledge, regardless of the ontology of the domain being investigated. According to the latter, uncertainty is ultimately grounded on the ontology of the domain being investigated, regardless of any limitations in human knowledge or ability. This chapter provides a detailed dissection and explanation of the core constituents of the two approaches, and concludes by summarizing their differences and posing some questions for reflection.	en_US
dc.publisher	Oxford University Press	en_US
dc.relation.ispartof	The Oxford Handbook of Post-Keynesian Economics	en_US
dc.relation.isbasedon	10.1093/oxfordhb/9780195390759.013.0005	en_US
dc.title	Two Post-Keynesian approaches to uncertainty and irreducible uncertainty	en_US
dc.type	Chapter
utslib.location	Oxford, UK	en_US
utslib.for	1401 Economic Theory	en_US
utslib.citation.edition	1	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.edition	1	en_US
pubs.place-of-publication	Oxford, UK	en_US

Abstract:

Uncertainty, especially irreducible uncertainty, is an essential component of Keyness General Theory and of post-Keynesian economics. Within post-Keynesianism, however, two contrasting understandings of uncertainty and its cognate concepts have emerged over the last few decades. These are the Human Abilities/Characteristics approach and the Ergodic/Nonergodic approach, which are often portrayed as epistemological uncertainty and ontological uncertainty respectively. According to the former, uncertainty is ultimately grounded on certain inescapable limitations in human knowledge and abilities to acquire knowledge, regardless of the ontology of the domain being investigated. According to the latter, uncertainty is ultimately grounded on the ontology of the domain being investigated, regardless of any limitations in human knowledge or ability. This chapter provides a detailed dissection and explanation of the core constituents of the two approaches, and concludes by summarizing their differences and posing some questions for reflection.

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http://hdl.handle.net/10453/27699