Proceedings of the 51st International Academic Conference, Vienna

POST-KEYNESIAN CONTROVERSY ABOUT UNCERTAINTY: METHODOLOGICAL PERSPECTIVE, PART I

LUKÁŠ AUGUSTIN MÁSLO

Abstract:

In this paper, the author summarizes key arguments in a discussion of two post-Keynesian economists, Paul Davidson and Rod O’Donnell, about the nature of uncertainty in economics. The author focuses on a controversy about necessity/unnecessity to supply a proof of ergodicity/non-ergodicity of economic processes. The author draws a conclusion that O’Donnell perceives the difference between probabilistic and non-probabilistic uncertainty as quantitative rather than qualitative in opposition to Davidson who perceives this difference as qualitative. In a controversy about necessity/unnecessity, the author sides with O’Donnell and supports O’Donnell’s argumentation by pointing to baselessness of the burden-of-proof argument, as long as both parties of the controversy have an interest in finding the truth.

Keywords: ergodicity, uncertainty, probability

DOI: 10.20472/IAC.2019.051.024

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