Uncertainty in Economics: A New Approach

Julia Köhn

Springer International Publishing, Jul 14, 2017 - Business & Economics - 199 pages

In this book the author develops a new approach to uncertainty in economics, which calls for a fundamental change in the methodology of economics. It provides a comprehensive overview and critical appraisal of the economic theory of uncertainty and shows that uncertainty was originally conceptualized both as an epistemic and an ontological problem. As a result of the economic professions’ attempt to become acknowledged as a science, the more problematic aspect of ontological uncertainty has been neglected and the subjective probability approach to uncertainty became dominant in economic theory. A careful analysis of ontological theories of uncertainty explains the blindness of modern economics to economic phenomena such as instability, slumps or excessive booms. Based on these findings the author develops a new approach that legitimizes a New Uncertainty Paradigm in economics.

About the author

Julia Köhn studied Business, Economics & Philosophy at Witten/Herdecke University and at the Erasmus Institute for Economics and Philosophy at the Erasmus University Rotterdam. She is scholar of the Konrad-Adenauer Foundation and member of the Think Thank “New Social Market Economy” as well as the Young Scholars Initiative of the Institute for New Economic Thinking in New York.

Bibliographic information

• Title: Uncertainty in Economics: A New Approach; Contributions to Economics
• Author: Julia Köhn
• Edition: illustrated
• Publisher: Springer International Publishing, 2017
• ISBN: 331955350X, 9783319553504
• Length: 199 pages
• Subjects: Business & Economics / Economics / General; Business & Economics / Economics / Macroeconomics; Business & Economics / Economics / Theory; Business & Economics / Insurance / Risk Assessment & Management; Business & Economics / Management; Philosophy / Movements / General; Philosophy / Political