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Reality and Economic Theory

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Uncertainty, International Money, Employment and Theory

Abstract

When discussing the implications of uncertainty on economic activity and its policy implications, the fundamental differences among various economic theories involve (a) the analyst’s conception of the external economic reality in which decision-makers operate, and (b) the ability of agents to understand that reality.

This paper was published in the Journal of Post Keynesian Economics, 19 (Summer 1996). The author is indebted to Salvatore Vecchuccio for information regarding the relationship between Liouville’s Theorem and ergodic theory, and to Philip Arestis for some useful comments.

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Authors
  1. Louise Davidson
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Louise Davidson

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© 1999 Paul Davidson

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Davidson, L. (1999). Reality and Economic Theory. In: Davidson, L. (eds) Uncertainty, International Money, Employment and Theory. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-14991-9_1

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