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Probability Foundations of Economic Theory - Charles McCann

Probability Foundations of Economic Theory

Hardcover Published: 1st September 1994
ISBN: 9780415108676
Number Of Pages: 188

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Concepts of probability are an integral component of economic theory. However there are a wide range of theories of probability and these are manifested in different approaches to economic theory itself. In this book Charles R. McCann Jr provides a clear and informative survey of the area which serves to standardize terminology and so integrate probability into a discussion of the foundations of economic theory.
Having summarized the three main competing interpretations of probability, he outlines why it is of such a fundamental importance in economics, illustrating this with a comparison of Knight's and Keynes' very different conceptions. He then examines three very different schools of thought: the Austrians, Keynesians and the New Classical/Rational Expectations approach. McMann shows that the Austrian theories and those of Keynes are consistent with subjectivism, individualism and with a view of decision making as a process, entailing a form of "necessarianism" as a method of analysis. Rational Expectations, in contrast, are based on quantitative measurement and a need to reconstruct economic theory on instrumentalist grounds, requiring a frequentist approach to probability. "Probability Foundations of Economic Theory" will interest those working in the history of economic thought, economic methodology and the philosophy of economics.

Forewordp. ix
Prefacep. xii
Acknowledgementsp. xv
Introductionp. 1
Theories of Probabilityp. 23
Probability as a Fundamental Concept in Economicsp. 58
Austrian Economicsp. 75
Keynesan Economicsp. 94
Rational Expectations and the New Neoclassicistsp. 108
Conclusionp. 123
Notesp. 130
Bibliographyp. 155
Indexp. 165
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780415108676
ISBN-10: 0415108675
Audience: Tertiary; University or College
Format: Hardcover
Language: English
Number Of Pages: 188
Published: 1st September 1994
Country of Publication: GB
Dimensions (cm): 24.13 x 15.88  x 2.54
Weight (kg): 0.45
Edition Number: 1

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