Uncertainty in Economic Thought

Uncertainty in Economic Thought brings together an international group of scholars to explore the treatment of uncertainty in various different schools of economic thought.Beginning with the nineteenth century and the Austrian School, this major volume discusses orthodox and heterodox views on risk, uncertainty and expectations, from Knight and Keynes to Maurice Allais. Demonstrating that new insights can be found by examining the work of past economists, the authors focus on the two major paths linking uncertainty to economics: the decision-making process itself and system dynamics. After addressing the foundations and concepts of the uncertainty debate, the distinguished contributors, who include such figures as Mark Perlman, Charles McCann, Christian Schmidt, Omar Hamouda and Robin Rowley, discuss the main trends in the history of economic thought as well as statistical and mathematical approaches. Students, scholars and researchers will welcome Uncertainty in Economic Thought for its authoritative, wide-ranging and animated discussion of the key issues concerned with uncertainty in economics and for bringing together contributions by some of the leading scholars working in the field.