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A Post Keynesian Appreciation of a Reconstruction of Economics

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  • Bruce R. McFarling

Abstract

Kenneth Boulding, in A Reconstruction of Economics (1950) for a population perspective as the foundation of economic theory, argued that a reconstruction of economics is required to address the problem of true uncertainty. The microeconomic side of this argument is elaborated here, exploring the limitations of marginal analysis in the face of uncertain windfall gains and losses. A comparison of renewable and nonrenewable resource populations demonstrates that potential windfall gains and losses may bias decision-making, despite true uncertainty regarding their likelihood. This approach is shown to be related to Keynes’s analysis of liquidity preference in the face of true uncertainty.

Suggested Citation

  • Bruce R. McFarling, 2002. "A Post Keynesian Appreciation of a Reconstruction of Economics," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 24(4), pages 643-656, July.
    • Handle: RePEc:mes:postke:v:24:y:2002:i:4:p:643-656
    DOI: 10.1080/01603477.2002.11490349
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    References listed on IDEAS

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    1. Vasilev, Aleksandar & Maksumov, Rashid, 2010. "Critical analysis of Chapter 23 of Keynes’s Notes on Mercantilism in The General Theory of Employment, Interest and Money (1936)," EconStor Research Reports 155318, ZBW - Leibniz Information Centre for Economics.
    2. Paul Davidson, 1991. "Controversies in Post Keynesian Economics," Books, Edward Elgar Publishing, number 121.
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