Uncertainty in Economics

A New Approach

  • Julia Köhn

Part of the Contributions to Economics book series (CE)

Table of contents

  1. Front Matter
    Pages i-ix
  2. Julia Köhn
    Pages 1-13
  3. Uncertainty in Economic Thought

    1. Front Matter
      Pages 15-16
    2. Julia Köhn
      Pages 39-47
    3. Julia Köhn
      Pages 49-62
  4. Philosophies of Uncertainty

    1. Front Matter
      Pages 95-96
    2. Julia Köhn
      Pages 97-107
    3. Julia Köhn
      Pages 109-123
    4. Julia Köhn
      Pages 125-137
    5. Julia Köhn
      Pages 139-154
  5. Methodology of Uncertainty

    1. Front Matter
      Pages 155-156
    2. Julia Köhn
      Pages 157-176
    3. Julia Köhn
      Pages 177-192
    4. Julia Köhn
      Pages 193-199

About this book


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.


Uncertainty Predictability Probability Complexity Performativity

Authors and affiliations

  • Julia Köhn
    • 1
  1. 1.BerlinGermany

Bibliographic information

Industry Sectors
Finance, Business & Banking