Economic Indeterminacy: A personal encounter with the economists' peculiar nemesis

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Routledge, Oct 8, 2013 - Business & Economics - 366 pages
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This volume is a collection of some of the best and most influential work of Yanis Varoufakis. The chapters all address the issue of economic indeterminacy, and the place of a socialized Homo Economicus within the economy. The book addresses Varoufakis’ key interpretation regarding the way in which neoclassical economics deals with the twin problems of complexity and indeterminacy. He argues that all neoclassical modelling revolves around three meta-axioms: Methodological individualism, Methodological instrumentalism and the Methodological Imposition of Equilibrium.

Each chapter is preceded by an introduction, which explains its place within the overarching theme of the book. The volume also includes a lengthy introduction, plus a concluding chapter focusing on the future of economics. It will be a key work for all students and researchers in the field of political economy and economic methodology.


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Economic indeterminacy and the dance of the metaaxioms the dynamic mechanism by which neoclassical economics turns defeat at the hands of ind...
it is also the cause of indeterminacy regarding the wage and employment preferences of employers and trades unions
on the impossibility of a determinate theory of costly disagreement
4 No bluffing please we are economists Why bluffs and other subversive acts preclude determinate game theoretical analyses
when strategic indeterminacy forces the rational negotiator to fall back on myopic rules of thumb
when disgruntled Marxists reach for neoclassical economics toolbox they get more than they bargained for
why indeterminacy is a prerequisite for genuine solidarity
how indeterminacy explodes when our preferences are influenced directly by other peoples beliefs
on the indeterminate power of what others think
the roots of distributional justice principles in indeterminacy
the spontaneous creation of hierarchies and the patterned beliefs that support them
the impossibility of modelling behavioural mutations amongst political animals
dealing with indeterminacy on the stage of social life

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About the author (2013)

Yanis Varoufakis is Professor of Economic Theory and Director of the Department of Political Economy within the Faculty of Economic Sciences of the University of Athens, Greece.

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