Uncertainty Outside and Inside Economic Models
Journal of Political Economy, Forthcoming
Becker Friedman Institute for Research in Economics Working Paper No. 2014-06
55 Pages Posted: 31 Jul 2014 Last revised: 1 Apr 2015
There are 2 versions of this paper
Uncertainty Outside and Inside Economic Models
Uncertainty Outside and Inside Economic Models
Date Written: July 30, 2014
Abstract
We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. Knight (1921).
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