Economics and the Antagonism of Time: Time, Uncertainty, and Choice in Economic TheoryUniversity of Michigan Press, 1994 - 272 من الصفحات Presenting a rigorous examination of the place and significance of time in economic theory, Douglas Vickers takes up the interrelated issues of uncertainty, ignorance, and criteria of choice. In the discussion of these questions he explains that the conventional thought-forms of probability are not generally applicable to theory-building in economics. To remedy this he provides a completely new paradigm of choice. The extent to which time has influenced, or been excluded from, economic theory is discussed on four levels: the banishment of time in general equilibrium theory; the incorporation of logical time, in pseudotemporal dynamic analysis in some widely adopted mathematically structured systems; the construction of ceteris paribus dynamics based on conventially determined behavior; and the analysis of in-time economics, or the results of incorporating into economic theorizing historic time, ignorance, and uncertainty in a nonprobabilistic sense. A scheme of choice and decision making is presented that incorporates the concept of "potential surprise" in place of probability. Economic theorists and scholars in related disciplines will appreciate the originality of the book's critique of the neoclassical system; its tracing of some of the most relevant intellectual history that sets off the traditions of Keynes and the post-Keynesians from the neoclassical system; the clarification of the meaning of - and the dissent from - probability theorizing in economics; and the treatment of the relevant epistemological foundations of the subject. |
المحتوى
Time and the Human Condition | 1 |
The Economic Choice Decision | 27 |
AssetPortfolio Choice | 51 |
A Preliminary Critique | 71 |
Time in Economic Argument | 103 |
The MarshallKeynes Tradition | 135 |
The Long Run and the Short | 163 |
Economics in Time | 191 |
Time and the Choice Decision | 213 |
References | 253 |
Index 265 | 255 |
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عبارات ومصطلحات مألوفة
aggregate analytical asset choice assumed assumption behavior beta coefficient ceteris paribus chapter commodity conceived concept consumption contemplated context decision index decision maker defined demand curve determined dynamic economic analysis economic argument economic choice economic theory employment envisaged epistemic equation equilibrium theoretic exist expected financial-asset firm firm's focus follows future ignorance imagined implies income indifference curve individual intertemporal investment investor issue Keynes Keynes's Keynesian knowledge logical loss aversion loss side macroeconomic magnitude marginal efficiency marginal utility methodological money capital neoclassical theory nomic notion observed opportunity set optimization optimum possible outcomes potential surprise curve present probability distribution problem procedure production question random variable rate of interest rate of return real historical referred relations relevant risk aversion risk-free risk-free rate risky asset Say's Law Security Market Line sense Shackle short-run significance specified stochastic structure tion trade-off understood unique utility function Vickers