Uncertainty, international money, employment and theory

Description

"This volume reprints articles explaining why differing presumptions about the nature of uncertainty lead economists to differing policy prescriptions. Orthodox theory presumes probabilistic risk is synonymous with uncertainty. Consequently, self-interested agents can reliably predict the future by statistically analyzing market data. This results in a laissez-faire philosophy where government cannot improve the outcome of the decisions of individuals. Alternatively, Keynes presumed the future was not predictable from existing data and therefore there was a role for government to protect its citizens from potential difficulties resulting from unfettered market activities." "The relationship between Keynes's uncertainty concept, international financial markets and global unemployment is then analyzed. Problems such as volatile financial markets, for example the Asian contagion, are analyzed and solutions that differ from orthodox policies are developed. Finally differences between Old, New and Post Keynesians, all vying for Keynes's mantle, are explored. Book jacket."--BOOK JACKET.

Subjects

Series Statement

• The collected writings of Paul Davidson -- vol. 3