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- W99715520 abstract "This paper addresses several related epistemological difficulties with the neoclassicalmicro‐foundations of standard economics, and explores what thesedifficulties imply about the recent dominance of these micro‐foundations in botheconomic research and applied policy and finance settings. Building on thecrucial distinction made by Knight and Keynes between calculable risk anduncertainty, the paper makes a further distinction between two types ofuncertainty – epistemological and ontological. It argues that standard economicsunderestimates how problematic the interface between theory and reality is forboth economic agents and social scientists, and overlooks the impossibility ofknowing the future yet to be created by innovation and the freedom to choose.The paper outlines alternative micro‐foundations that capture how agents useimagination and narratives alongside market coordination to cope withuncertainty and construct the future. It also explains several research and policyimplications of taking uncertainty seriously – the limits of prediction, theincoherence of many bolt‐on amendments to neo‐classical theory, the dangers ofanalytical monocultures, and the importance of discourse analysis and pluralismin modelling. Recognition that neo‐classical models are inappropriate for dealingwith problems characterised by widespread innovation and uncertainty shouldaugment rather than reduce the undoubted value of these same models in manyother areas of analysis." @default.
- W99715520 created "2016-06-24" @default.
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- W99715520 date "2011-11-21" @default.
- W99715520 modified "2023-09-27" @default.
- W99715520 title "Epistemological difficulties with neoclassical economics" @default.
- W99715520 hasPublicationYear "2011" @default.
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