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Post-Keynesian Controversy About Uncertainty: Methodological Perspective, Part I

Author

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  • Luká? Augustin Máslo

    (University of Economics, Prague)

Abstract

In this paper, the author summarizes key arguments in a discussion of two post-Keynesian economists, Paul Davidson and Rod O?Donnell, about the nature of uncertainty in economics. The author focuses on a controversy about necessity/unnecessity to supply a proof of ergodicity/non-ergodicity of economic processes. The author draws a conclusion that O?Donnell perceives the difference between probabilistic and non-probabilistic uncertainty as quantitative rather than qualitative in opposition to Davidson who perceives this difference as qualitative. In a controversy about necessity/unnecessity, the author sides with O?Donnell and supports O?Donnell?s argumentation by pointing to baselessness of the burden-of-proof argument, as long as both parties of the controversy have an interest in finding the truth.

Suggested Citation

  • Luká? Augustin Máslo, 2019. "Post-Keynesian Controversy About Uncertainty: Methodological Perspective, Part I," Proceedings of International Academic Conferences 9512190, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:9512190
    as

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    References listed on IDEAS

    as
    1. Paul Davidson, 2015. "A rejoinder to O'Donnell's critique of the ergodic/nonergodic explanation of Keynes's concept of uncertainty," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 38(1), pages 1-18, July.
    2. Tony Lawson, 1988. "Probability and Uncertainty in Economic Analysis," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(1), pages 38-65, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    ergodicity; uncertainty; probability;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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