In Chapter 12 of the General Theory, on “The State of Long-Term Expectation,” Keynes writes: “It would be foolish, in forming our expectations, to attach great weight to matters which are very uncertain”. In a footnote to this sentence, Keynes points out that by “very uncertain” he does not mean the same as “very improbable” and refers to the chapter on “The Weight of Arguments” in his earlier Treatise on Probability. The purpose of this article, in the first place, is (...) to provide an account of, and to sort out the relations between, Keynes's views on probability, uncertainty, and the weight of arguments. (shrink)

In this book, Roy Bhaskar sets out to revindicate ontology, critiquing the reduction of being in favor of knowledge, which he calls the "epistemic fallacy".

Hermeneutics has become a major topic of debate throughout the scholarly community. What has been called the "interpretive turn" has led to interesting new approaches in both the human and social sciences, and has helped to transform divided disciplines by bringing them closer together. Yet one of the largest and most important social sciences economics has so far been almost completely left out of the transformation. Economics and Hermeneutics takes a significant step towards filling this gap by introducing scholars on (...) both sides of the divide to ways that hermeneutics might help economists address some of their most important problems. Among the topics addressed are entrepreneurship, price theory, rational expectations, monetary theory, welfare economics, and economic policy. The approaches to economics represented include the Austrian school, McCloskey's "rhetoric" approach, Marxian critical theory and institutionalism. (shrink)

THE ECONOMICS OF TIME AND IGNORANCE by Gerald P. O'Driscoll, Jr. and Mario J. Rizzo New York: Basil Blackwell, 1985. 261pp., $34.95 O'Driscoll and Rizzo, two leading exponents of the Austrian subjectivist school of economics, claim to provide an original and powerful challenge to mainstream neoclassical economics. They also argue that there is much common ground between the Austrian approach and the recent development of Post Keynesian analysis. In this essay, the validity of such claims is analyzed, and the shortcomings (...) of the Austrian school's approach vis?à?vis Post Keynesian and neoclassical analysis is developed. (shrink)