Two Post-Keynesian Approaches to Uncertainty and Irreducible Uncertainty

2013 ◽  
pp. 123-142 ◽  
Author(s):  
Rod O'Donnell
Keyword(s):  
General Theory ◽  
Human Knowledge ◽  
Essential Component ◽  
The Core ◽  
Keynesian Economics ◽  
Irreducible Uncertainty ◽  
Epistemological Uncertainty ◽  
Ontological Uncertainty

Uncertainty, especially irreducible uncertainty, is an essential component of Keynes’s General Theory and of post-Keynesian economics. Within post-Keynesianism, however, two contrasting understandings of uncertainty and its cognate concepts have emerged over the last few decades. These are the Human Abilities/Characteristics approach and the Ergodic/Nonergodic approach, which are often portrayed as epistemological uncertainty and ontological uncertainty respectively. According to the former, uncertainty is ultimately grounded on certain inescapable limitations in human knowledge and abilities to acquire knowledge, regardless of the ontology of the domain being investigated. According to the latter, uncertainty is ultimately grounded on the ontology of the domain being investigated, regardless of any limitations in human knowledge or ability. This chapter provides a detailed dissection and explanation of the core constituents of the two approaches, and concludes by summarizing their differences and posing some questions for reflection.

A Disengaged Look at Disengagement Theory

1975 ◽  
Vol 6 (3) ◽  
pp. 215-227 ◽  
Author(s):  
Judith Bograd Gordon
Keyword(s):  
General Theory ◽  
Lived Experiences ◽  
Human Beings ◽  
The Core ◽  
New Methods ◽  
Middle Range ◽  
Key Concepts ◽  
Disengagement Theory ◽  
Aging People ◽  
Subjective Meanings

This paper suggests that Disengagement Theory can be used as a theory of the middle-range, but not as a general theory about normal aging. This proposition is supported by an examination of key concepts, postulates and methods used to formulate the theory. By use of phenemological notions, we can see the concept of disengagement forces us to pay attention to the subjective meanings of aging people. It is necessary to disengage from the core statements of the theory and engage in a search for new methods to study the lived experiences of human beings in order to further our understandings of the processes of growing old.

The Paradoxes of Allais and Ellsberg

1986 ◽  
Vol 2 (1) ◽  
pp. 23-53 ◽  
Author(s):  
Isaac Levi
Keyword(s):  
General Theory ◽  
Rational Choice ◽  
Expected Utility ◽  
John Dewey ◽  
Expected Value ◽  
Human Knowledge ◽  
Numerical Indicator ◽  
Charles Peirce ◽  
Oriented Approach

In The Enterprise of Knowledge (Levi, 1980a), I proposed a general theory of rational choice which I intended as a characterization of a prescriptive theory of ideal rationality. A cardinal tenet of this theory is that assessments of expected value or expected utility in the Bayesian sense may not be representable by a numerical indicator or indeed induce an ordering of feasible options in a context of deliberation. My reasons for taking this position are related to my commitment to the inquiry-oriented approach to human knowledge and valuation favored by the American pragmatists, Charles Peirce and John Dewey. A feature of any acceptable view of inquiry ought to be that during an inquiry points under dispute ought to be kept in suspense pending resolution through inquiry.

A GRASP ON THE NATURE OF LUNDAYEH THROUGH THEIR TRADITIONAL DANCE CULTURE

2015 ◽  
Vol 3 (2) ◽  
pp. 1-22
Author(s):  
LEE SUAN CHONG
Keyword(s):  
Ethnic Groups ◽  
West Coast ◽  
Dance Music ◽  
Human Knowledge ◽  
The West ◽  
Dance Culture ◽  
The Core ◽  
The World ◽  
Religious Aspects ◽  
Life Philosophies

AbstrakPenduduk Lundayeh terdapat di Tenom, Sipitang dan Long Pa Sia, di sepanjang pantai barat Sabah, Malaysia. Bentuk dan sistem tarian Lundayeh telah melalui perubahan dan variasi sejak kewujudan mereka di Borneo. Artikel ini mengkaji dalam pelbagai aspek, termasuk muzik, pakaian, pergerakan, fungsi dancerita-cerita daripada tarian tradisional yang diamalkan dalam masyarakat Lundayeh hari ini di Kemabong, Sabah. Tarian tradisional Lundayeh yang masih diamalkan berdasar terutamanya kepada aspek budaya, sosial dan agama hidup Lundayeh. Kajian ini membawa kepada penemuan corak pemikiran, falsafahhidup dan perspektif dunia Lundayeh yang dipengaruhi oleh agama dan budaya purba mereka. Tarian tradisional Lundayeh berfungsi sebagai satu saluran untuk memahami sifat orang Lundayeh sebagai salah satu kumpulan etnik kecil di dunia. Pemahaman tentang sifat orang Lundayeh akan terus menyumbang ke arah perkongsian dan penemuan dalam dimensi ilmu kemanusiaan yang baru.   AbstractLundayeh populations are found in the areas of Tenom, Sipitang and Long Pa Sia, along the west coast of Sabah, Malaysia. Lundayeh dance forms and systems have gone through changes and variations since their existence in Borneo. This paper looks into a variety of aspects, including music, costumes, movements, functions and stories of the traditional dances practiced in today’s Lundayeh communities in Kemabong, Sabah. The surviving traditional dances found to have stemmed from the core of Lundayeh cultural, social and religious aspects of life. The study leads to the discovery of the thinking patterns, life philosophies and world perspectives of Lundayeh that are strongly influenced by their religion and ancient culture. Dance music ultimately serves as a tool to understand the nature of Lundayeh people as one of the minor ethnic groups in the world. The understanding of the nature of Lundayeh would further contribute toward sharing and discovering another dimension of human knowledge and wisdom.

scholarly journals LA PERSPECTIVE AÉRIENNE DE LÉONARD DE VINCI ET SES ORIGINES DANS L'OPTIQUE D'IBN AL-HAYTHAM (DE ASPECTIBUS, III, 7)

2009 ◽  
Vol 19 (2) ◽  
pp. 225-246
Author(s):  
DOMINIQUE RAYNAUD
Keyword(s):  
Visual Perception ◽  
General Theory ◽  
Psychological Factors ◽  
Da Vinci ◽  
Leonardo Da Vinci ◽  
The Moon ◽  
Atmospheric Extinction ◽  
The Core ◽  
First Time ◽  
Aerial Perspective

AbstractThe concept of aerial perspective has been used for the first time by Leonardo da Vinci (1452–1519). This article studies its dependence on Ptolemy's Optica and overall on the optical tradition inaugurated by Ibn al-Haytham's Kitāb al-Manāẓir (d. after 1040). This treatise, that was accessible through several Latin and Italian manuscripts, and was the source of many Medieval commentaries, offers a general theory of visual perception emancipated from the case of the moon illusion, in which physical and psychological factors are closely combined. Atmospheric extinction (not refraction, which is sometimes confused with) affects the conjectured size of remote objects. This phenomenon is also the core source for a pictorial rendering of depth, that is based onto a principle different from the diminution of size.

Reviving Keynesianism: the modelling of the financial system makes the difference

2020 ◽  
Vol 8 (1) ◽  
pp. 61-83 ◽  
Author(s):  
Peter Bofinger
Keyword(s):  
Similar Condition ◽  
Financial System ◽  
Sleeping Beauty ◽  
Exchange Economies ◽  
Proper Understanding ◽  
The Core ◽  
Keynesian Economics ◽  
Monetary Analysis ◽  
The Difference

Keynesian economics is not dead. Instead, it is in a similar condition to Sleeping Beauty after she pricked her finger on the spindle. A large hedge of thorns has been laid over the original Keynesian building so that it is hardly recognizable today. Keynesian economics has suffered from a failure to sufficiently identify the core of the Keynesian revolution. This paper argues that the core concerns the distinction between real and monetary exchange economies, and that a proper understanding of money's role requires identifying the mechanisms of the financial system. Doing so reveals the fundamental incompatibility between real and monetary analysis.

The Fall and Rise of Irving Fisher's Macroeconomics

1998 ◽  
Vol 20 (2) ◽  
pp. 191-201 ◽  
Author(s):  
Robert W. Dimand
Keyword(s):  
General Theory ◽  
Constant Velocity ◽  
Phillips Curve ◽  
History Of Economics ◽  
Keynesian Economics ◽  
Real Factor ◽  
History Of ◽  
The Subject ◽  
Introductory Textbooks ◽  
Major Review

The history of economics provides many examples of economists, such as A. A. Cournot, and J. H. Von Thunen, whose work became influential only long after it was written. Others, like Francis A. Walker, loomed large during their careers, only to fade in the discipline's memory. Irving Fisher's reputation has followed a much less common trajectory. Once the most cited monetary economist, the subject of major review articles and the center of controversies over theory and policy, Fisher lost the profession's attention, vanished from citation lists in macroeconomics, and was regarded as an embarrassment by colleagues in his university and his discipline. Then, after his death, his contributions to macroeconomics became increasingly cited and influential, as macroeconomics developed in ways that brought it closer to Fisher's approach. New approaches have been found prefigured in Fisher's work, as when a 1926 article of his was reprinted in the Journal of Political Economy in 1973 as “I Discovered the Phillips Curve” (Fisher, 1997, 8). Fisher was once caricatured in introductory textbooks as the supposed exponent of a constant-velocity version of the quantity theory of money, the exemplar of simplistic pre- Keynesian economics swept away in the Keynesian Revolution, but recently there has been attention to Fisher as, in Keynes's phrase, “the great grandparent” of The General Theory, “who first influenced me strongly towards regarding money as a ‘real’ factor” (Keynes, 1971-89, 14, pp. 203 n.; Dimand, 1995; Kregel, 1988).

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