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Keynes on Uncertainty and Tragic Happiness

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Most economists who read the General Theory candidly admitted that they could not understand the theoretical apparatus and found ... Weiterlesen
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Most economists who read the General Theory candidly admitted that they could not understand the theoretical apparatus and found it easy to recast it in traditional terms. This book provides a masterful guide to the generally unrecognized methodological revolution that supported the new theoretical concepts -- a veritable lodestone that complements and expands understanding on the treatment of the economic magnitudes appropriate to the ideal of generality in the social sciences, to the applicability of probability, to the formulation of decision-making under uncertainty, and the foundations of economic policy in interdependent economic systems. _Jan Kregel, Levy Economics Institute

Anna Carabelli sets out Keynes's understanding of economics as a way of thinking, encompassing method and morals, rather than as a doctrine. She does so with her customary admirable scholarship and also her willingness to take controversial positions. I commend the volume most highly to Keynes scholars as a drawing-together and development of the themes that Carabelli has pursued since the publication of her 1988 classic, On Keynes's Method. Further Keynes's approach was designed to be applied to different contexts, so I enthusiastically recommend the volume also as a foundation and guide for anyone open to such a 'new way of reasoning in economics' for the modern era. _Sheila Dow, University of Stirling

This book examines the philosophy and methodology of Keynes, highlighting its novelty and how it presented a new form of economic reasoning. Exploring Keynes's use of non-demonstrative logic, based on probability, commonalities are found in his economics, ethics, aesthetics, and international relations. Insights are provided into his reasoning and his approach to uncertainty, rationality, measurability of complex magnitudes, moral and rational dilemmas, and irreducible conflicts.

This book investigates methodological continuity within Keynes's work, in particular in relation to uncertainty, complexity, incommensurability, happiness and openness. It will be relevant to students and researchers interested in Keynes, probability, ambiguity, ethics and the history of economic thought.

Anna M. Carabelli is Professor of Political Economy at the University of Eastern Piedmont, Italy.


1. Introduction

 2.      Rationality as reasonableness: probability 

2.1 Probability as reasonableness

2.2 Economic expectations

                                    Reasonable and conventional expectations

                                    Speculators' knowledge

                        Ignorance and uncertainty

2.3 Reasonable economic policy. The reasonable justification of economic policy

            and intervention

2.4  Public institutions and limited knowledge


  • Complexity and incommensurability: multidimensional, heterogeneous and interdependent magnitudes. Probability and economic magnitudes
  • 3.1 Probability: measurement and comparison

                                              The hypothesis of homogeneity

                                 3.2  Joint judgements: direct and organic judgements

                                              Joint judgements of probability and the 'weight or argument',

                                              Joint judgements of probability and goodness: right conduct

                                  3.3 Keynes's philosophy of measurement: intrinsically incommensurable magnitudes

    3.4 From probability to economic magnitudes

                                   The general price level


                      3.5 Incommensurability due t...


    Titel: Keynes on Uncertainty and Tragic Happiness
    Untertitel: Complexity and Expectations
    EAN: 9783030756659
    Digitaler Kopierschutz: Wasserzeichen
    Format: E-Book (pdf)
    Hersteller: Springer International Publishing
    Genre: Wirtschaft
    Anzahl Seiten: 182
    Veröffentlichung: 23.07.2021
    Dateigrösse: 4.5 MB

    Weitere Bände aus der Buchreihe "Palgrave Studies in the History of Economic Thought"