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Saturday, February 24, 2018
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Incomplete Knowledge Economics – does is matter?
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Incomplete Knowledge Economics – does is matter?

And If Yes, What Are Steps Forward?

6 pages · 2.30 EUR
(April 2013)

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From the introduction:

In the proposal for the symposium which’s proceedings you are reading, Birger Priddat writes: "Die Wirtschaftswissenschaften sind nach der Finanzkrise 2008/09 in eine Reflektionsphase eingetreten, die sich der epistemologischen Fundamente ihrer Entscheidungstheorien und ihrer Prognosekompetenz neu versichern will." (Own English translation: Since the crisis of 2008/9, economics and management science entered a period of reflection, in which the epistemological foundations of its decision theories and its competency of making prediction are newly accessed.) Is this really true? And if yes, does this matter at all? In this short note, I argue that finding sound foundations of economics matter. 'Sound' here means: foundations, which are in touch with economic reality. I will outline some ideas how we may reform the foundations in this direction.

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the author
Dr. Timo Ehrig
Timo Ehrig

Oekonom, Post-Doc am Max-Planck-Institut fuer Mathematik in den Naturwissenschaften in Leipzig. Forschungsgebiete u.a.: Economic Theory (Reflexive Market Dynamics, Higher Order Beliefs in Decisions under Fundamental Uncertainty), Formal Foundations of Business Strategies (Games With Unawareness and the Shaping of Business Environments), Decision Theory in Complex Environments and Imagination.