In an important paper, Lawson (1985a) discusses the conditions under which it is possible to carry out a coherent economic analysis of a system which is subject to fundamental uncertainty (as opposed to mathematical risk). Read more … https://www.jstor.org/stable/2233517 Bibliographic citation: Omar F. Hamouda and John N. Smithin, “Some Remarks on ‘Uncertainty and Economic Analysis’”,… Continue reading Some Remarks on `Uncertainty and Economic Analysis’
Month: August 2021
Rational Behavior with Deficient Foresight
INTRODUCTION Although there has recently been a revival of some broadly “Keynesian” ideas and concepts in marcoeconomics, under the label of “New Keynesianism” (Colander, 1988), the so-called rational expectations hypothesis (REH) remains a major element in these theories.1 By now, it is widely accepted by both “New Keynesian” and “New Classical” economists that the REH… Continue reading Rational Behavior with Deficient Foresight
Free-market, a casualty of the global corporate capitalism, and the tech-leveraging paradox
🎙 Post no 3 – 4 august 2021 Might one not have to create a different economic world after Covid … which is not capitalist, whether right- or left-leaning … The world of the last decade has been spinning too fast. Most economic indicators, such as credit creation and debt liability, which have… Continue reading Free-market, a casualty of the global corporate capitalism, and the tech-leveraging paradox