Economic Indeterminacy

Economic Indeterminacy
Author: Yanis Varoufakis
Publisher: Routledge
Total Pages: 391
Release: 2013-10-08
Genre: Business & Economics
ISBN: 1135141274

This volume is a collection of some of the best and most influential work of Yanis Varoufakis. The chapters all address the issue of economic indeterminacy, and the place of a socialized Homo Economicus within the economy. The book addresses Varoufakis’ key interpretation regarding the way in which neoclassical economics deals with the twin problems of complexity and indeterminacy. He argues that all neoclassical modelling revolves around three meta-axioms: Methodological individualism, Methodological instrumentalism and the Methodological Imposition of Equilibrium. Each chapter is preceded by an introduction, which explains its place within the overarching theme of the book. The volume also includes a lengthy introduction, plus a concluding chapter focusing on the future of economics. It will be a key work for all students and researchers in the field of political economy and economic methodology.

Growth and Business Cycles with Equilibrium Indeterminacy

Growth and Business Cycles with Equilibrium Indeterminacy
Author: Kazuo Mino
Publisher: Springer
Total Pages: 240
Release: 2017-07-11
Genre: Business & Economics
ISBN: 4431556095

Over the past two decades, the issue of equilibrium indeterminacy has been one of the major research concerns in macroeconomic dynamics. Growth and Business Cycles with Equilibrium Indeterminacy discusses the main topics in this literature. Based on comprehensive surveys and the author’s original research, this book explores sunspot-driven fluctuations in real business cycle models, multiple equilibria in endogenous growth models, and the stabilization effects of fiscal and monetary policy rules. The book also considers equilibrium indeterminacy in open economy models.

Indeterminacy

Indeterminacy
Author: Catherine Alexander
Publisher: Berghahn Books
Total Pages: 210
Release: 2018-10-19
Genre: Social Science
ISBN: 1789200105

What happens to people, places and objects that do not fit the ordering regimes and progressive narratives of modernity? Conventional understandings imply that progress leaves such things behind, and excludes them as though they were valueless waste. This volume uses the concept of indeterminacy to explore how conditions of exclusion and abandonment may give rise to new values, as well as to states of despair and alienation. Drawing upon ethnographic research about a wide variety of contexts, the chapters here explore how indeterminacy is created and experienced in relationship to projects of classification and progress.

Nonlinear Dynamics in Equilibrium Models

Nonlinear Dynamics in Equilibrium Models
Author: John Stachurski
Publisher: Springer Science & Business Media
Total Pages: 454
Release: 2012-01-25
Genre: Business & Economics
ISBN: 3642223974

Optimal growth theory studies the problem of efficient resource allocation over time, a fundamental concern of economic research. Since the 1970s, the techniques of nonlinear dynamical systems have become a vital tool in optimal growth theory, illuminating dynamics and demonstrating the possibility of endogenous economic fluctuations. Kazuo Nishimura's seminal contributions on business cycles, chaotic equilibria and indeterminacy have been central to this development, transforming our understanding of economic growth, cycles, and the relationship between them. The subjects of Kazuo's analysis remain of fundamental importance to modern economic theory. This book collects his major contributions in a single volume. Kazuo Nishimura has been recognized for his contributions to economic theory on many occasions, being elected fellow of the Econometric Society and serving as an editor of several major journals. Chapter “Introduction” is available open access under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License via link.springer.com.

Uncertain Futures

Uncertain Futures
Author: Jens Beckert
Publisher: Oxford University Press
Total Pages: 421
Release: 2018-07-11
Genre: Business & Economics
ISBN: 0192552759

Uncertain Futures considers how economic actors visualize the future and decide how to act in conditions of radical uncertainty. It starts from the premise that dynamic capitalist economies are characterized by relentless innovation and novelty and hence exhibit an indeterminacy that cannot be reduced to measurable risk. The organizing question then becomes how economic actors form expectations and make decisions despite the uncertainty they face. This edited volume lays the foundations for a new model of economic reasoning by showing how, in conditions of uncertainty, economic actors combine calculation with imaginaries and narratives to form fictional expectations that coordinate action and provide the confidence to act. It draws on groundbreaking research in economic sociology, economics, anthropology, and psychology to present theoretically grounded empirical case studies. These demonstrate how grand narratives, central bank forward guidance, economic forecasts, finance models, business plans, visions of technological futures, and new era stories influence behaviour and become instruments of power in markets and societies. The market impact of shared calculative devices, social narratives, and contingent imaginaries underlines the rationale for a new form of narrative economics.

The Significance of Indeterminacy

The Significance of Indeterminacy
Author: Robert H. Scott
Publisher: Routledge
Total Pages: 364
Release: 2018-07-20
Genre: Philosophy
ISBN: 1351383302

While indeterminacy is a recurrent theme in philosophy, less progress has been made in clarifying its significance for various philosophical and interdisciplinary contexts. This collection brings together early-career and well-known philosophers—including Graham Priest, Trish Glazebrook, Steven Crowell, Robert Neville, Todd May, and William Desmond—to explore indeterminacy in greater detail. The volume is unique in that its essays demonstrate the positive significance of indeterminacy, insofar as indeterminacy opens up new fields of discourse and illuminates neglected aspects of various concepts and phenomena. The essays are organized thematically around indeterminacy’s impact on various areas of philosophy, including post-Kantian idealism, phenomenology, ethics, hermeneutics, aesthetics, and East Asian philosophy. They also take an interdisciplinary approach by elaborating the conceptual connections between indeterminacy and literature, music, religion, and science.

The Oxford Handbook of Philosophy of Economics

The Oxford Handbook of Philosophy of Economics
Author: Harold Kincaid
Publisher: Oxford Handbooks Online
Total Pages: 689
Release: 2009-03-26
Genre: Business & Economics
ISBN: 0195189256

This volume is the first comprehensive, cohesive, and accessible reference source to the philosophy of economics, presenting important new scholarship by top scholars.

Business Cycle Models with Indeterminacy

Business Cycle Models with Indeterminacy
Author: Mark Weder
Publisher: Springer Science & Business Media
Total Pages: 186
Release: 2012-12-06
Genre: Business & Economics
ISBN: 3642470181

Three original models which explain business cycles as a result of self-fulfilling expectations are presented. The models are founded on the structure of dynamic general equilibrium theory. Market power and increasing returns to scale are introduced which allow indeterminancy of the Rational Expectations equilibria to be obtained. Unlike the majority of existing literature on this subject, the departures from perfect markets and constant returns presented in these models are very low and, more importantly, at a realistic level to achieve the respective results. It is demonstrated in all of the presented models that stylized facts of the business cycle can be reproduced.

Indeterminacy and Society

Indeterminacy and Society
Author: Russell Hardin
Publisher: Princeton University Press
Total Pages: 182
Release: 2005-12-25
Genre: Philosophy
ISBN: 0691123926

In simple action theory, when people choose between courses of action, they know what the outcome will be. When an individual is making a choice "against nature," such as switching on a light, that assumption may hold true. But in strategic interaction outcomes, indeterminacy is pervasive and often intractable. Whether one is choosing for oneself or making a choice about a policy matter, it is usually possible only to make a guess about the outcome, one based on anticipating what other actors will do. In this book Russell Hardin asserts, in his characteristically clear and uncompromising prose, "Indeterminacy in contexts of strategic interaction . . . Is an issue that is constantly swept under the rug because it is often disruptive to pristine social theory. But the theory is fake: the indeterminacy is real." In the course of the book, Hardin thus outlines the various ways in which theorists from Hobbes to Rawls have gone wrong in denying or ignoring indeterminacy, and suggests how social theories would be enhanced--and how certain problems could be resolved effectively or successfully--if they assumed from the beginning that indeterminacy was the normal state of affairs, not the exception. Representing a bold challenge to widely held theoretical assumptions and habits of thought, Indeterminacy and Society will be debated across a range of fields including politics, law, philosophy, economics, and business management.