Further Contra Uncertainty

This article further criticizes the notion of Knightian uncertainty which is often used to attack equilibrium theory. Section II highlights some past work. I recently watched and old debate between Caplan and Boettke. The debate focuses on the validity of Austrian economics, but my focus is on Bryan’s criticism of uncertainty. See 5:41 of this … Read more Further Contra Uncertainty

Rational Estimation and Price Under Uncertainty

This article talks about ways to deal with uncertainty, and I will also briefly define the concept in contrast with simple risk. Definitions: Uncertainty vs Risk Rational Estimation without Uncertainty Rational Estimation with Uncertainty 1 – Definitions: Uncertainty vs Risk Uncertainty and risk are both not simple economic phenomena. They are generic elements of complex … Read more Rational Estimation and Price Under Uncertainty