Details

Autor(en) / Beteiligte

• Richter, Rudolf

Titel

On Uncertainty in Keynesian Macroeconomics and German Ordnungstheorie

Ist Teil von

• Journal of contextual economics : Schmollers Jahrbuch, 2016-06, Vol.136 (2), p.131-153

Ort / Verlag

Berlin: Duncker & Humblot Gmbh

Erscheinungsjahr

2016

Quelle

Worldwide Political Science Abstracts

Beschreibungen/Notizen

• The debate on Keynes glossed over his intention to replace classical economic theory by an approach considering uncertainty in terms of there being no scientific basis on which to form calculable probability. Keynes takes this into account by replacing the (neo-)classical assumption of perfectly rational optimizing behavior by psychologically justified behavioral assumptions. As for the rest, he hangs on to the neoclassical model in a "macroeconomic" sense. Later developments based on the micro-foundations of macroeconomics disregard the Keynesian uncertainty problem entirely. Given that, Keynesians do not have much choice but to accept the older social control style of David Hume, also applied by German Ordnungstheorie (system theory) - and, indeed, there are no reasons for Keynesians to turn their backs on German Ordnungstheorie . JEL Codes: B22, B31, B52, D50, E20