Description
Concepts of probability are an integral component of economic theory. However there are many theories of probability and these are manifested in different approaches to economic theory itself. This text offers a clear and informative survey of the area serving to standardize terminology, and so to integrate probability into a discussion of the foundations of economic theory. Having summarized the three main, competing interpretations of probability, the author explains its fundamental importance in economics, and illustrates this with a comparison of Knight's and Keynes's very different conceptions. Finally, he examines the Austrian, Keynesian and New Classical/Rational Expectation schools of thought.
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