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Al Haytham
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Uncertainty and Economics

English

By (author): Christian Müller-Kademann

This book is set against the assumption that humans' unique feature is their infinite creativity, their ability to reflect on their deeds and to control their actions. These skills give rise to genuine uncertainty in society and hence in the economy. Here, the author sets out that uncertainty must take centre stage in all analyses of human decision making and therefore in economics.

Uncertainty and Economics carefully defines a taxonomy of uncertainty and argues that it is only uncertainty in its most radical form which matters to economics. It shows that uncertainty is a powerful concept that not only helps to resolve long-standing economic puzzles but also unveils serious contradictions within current, popular economic approaches. It argues that neoclassical, real business cycle, or new-Keynesian economics must be understood as only one way to circumvent the analytical challenges posed by uncertainty. Instead, embracing uncertainty offers a new analytical paradigm which, in this book, is applied to standard economic topics such as institutions, money, the Lucas critique, fiscal policy and asset pricing.

Through applying a concise uncertainty paradigm, the book sheds new light on human decision making at large. Offering policy conclusions and recommendations for further theoretical and applied research, it will be of great interest to postgraduate students, academics and policy makers.

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€52.99
A01=Christian Müller-KademannAge Group_UncategorizedAl HaythamAuthor_Christian Müller-Kademannautomatic-updateCategory1=Non-FictionCategory=HPCategory=KCACategory=KCBCategory=KCPCategory=KCZCategory=QDCOP=United KingdomCurrent Mainstream EconomicsDelivery_Pre-orderDSGE ModelEfficient Market Hypothesesefficient market hypothesisepistemologyeq_business-finance-laweq_isMigrated=2eq_non-fictionExchange RatesExpected Utilityfiscal policyForeign Exchange RatesIbn Al HaythaminstitutionsInvestor’s Objective FunctionirrationalityLanguage_EnglishLargest Information SetsLocal Linear Kernel EstimatorLucas critiqueMacro Finance ModelModel Consistent ExpectationsontologyPA=Temporarily unavailablephilosophy of economicsPrice Generating ProcessesPrice_€20 to €50PS=ActivepuzzlesRain DropsrationalityRBC ModelsoftlaunchuncertaintyUncertainty ShockVice Versa

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Product Details
  • Weight: 453g
  • Dimensions: 156 x 234mm
  • Publication Date: 30 Sep 2020
  • Publisher: Taylor & Francis Ltd
  • Publication City/Country: GB
  • Language: English
  • ISBN13: 9780367662813

About Christian Müller-Kademann

Christian Müller-Kademann is Privatdozent of Economics at Jacobs University in Bremen, Germany. He received his first degree from Hull University, UK before graduating from Humboldt University, Berlin with a diploma in economics, after which he began his PhD in economics and econometrics.

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