Keynes on mathematics: philosophical foundations and economic applications

O’Donnell, Rod

doi:10.1093/oxfordjournals.cje.a035117

Cited by 24 publications

(9 citation statements)

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“…10 10 Rowley and Hamouda (1987) and O'Donnell (1990) have discussed this in terms of the debate between Keynes and Tinbergen over econometrics. Koppl and Rosser (2002) argue that infinite regress problems associated with the Keynesian beauty contest can also lead to such problems, and Rotheim (1988) argues that Keynes also at times sympathized with emergentist ‘organicism’ in which ‘the whole is not equal to the sum of its parts’ and ‘small changes produce large effects’ as in catastrophe or chaos theory. …”

mentioning

confidence: 99%

Post Keynesian Perspectives and Complex Ecologic-Economic Dynamics

Rosser

2011

Metroeconomica

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This paper considers the implications of complex ecologic-economic dynamics for three broad, Post Keynesian perspectives: the uncertainty perspective, the macrodynamics perspective and the Sraffian perspective. Catastrophic, chaotic and other complex dynamics will be seen as reinforcing the conceptual foundations of Keynesian uncertainty. Predator-prey models will be seen as deeply linked to Post Keynesian macrodynamic models. Finally, certain cases in ecologic-economic systems will be seen as generating such Sraffian, capital theoretic conundra as reswitching. Ecologic-economic models considered besides predator-prey will include fisheries, forestry, lake dynamics and global climaticeconomic dynamics.

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confidence: 99%

Post Keynesian Perspectives and Complex Ecologic-Economic Dynamics

Rosser

2011

Metroeconomica

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“…Keynes also understands probability in terms of logic and strength of belief, terms not very different from those of Peirce. For Keynes, social reality is mostly qualitative and quantitative only when exacting assumptions are met (O'Donnell, 1990). An unproved statement is not necessarily unfounded and most of our beliefs -in metaphysics, science, or conduct -are somewhat inconclusive.…”

Section: Abduction and Uncertaintymentioning

confidence: 99%

Abduction and economics: the contributions of Charles Peirce and Herbert Simon

Mabsout

2015

Journal of Economic Methodology

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A constantly changing social reality means economic theories, even if correct today, need to be constantly revised, updated, or abandoned. To maintain an up-to-date understanding of its subject matter, economists have to continuously assess their theories even those that appear to be empirically corroborated. Economics could gain from a method that describes and is capable of generating novel explanatory hypotheses. A pessimistic view on the existence of such a method was famously articulated by Karl Popper in The Logic of Scientific Discovery. He wrote 'there is no such a thing as a logical method of having ideas or a logical reconstruction of this process.' Herbert Simon responded to Popper and argued the opposite, namely, that there is a model of discovery and its name is abduction. Simon acknowledges his debt to Charles Peirce -the first modern logician to explicitly formulate a theory of abduction -and explains that abduction is a model of discovery that works as a problem-solving heuristic encoded in a computer program. Although Simon's account of a model of discovery was prescient, Peirce's description of abduction as loose inference is incompatible with an exclusive algorithmic operationalization. The paper also connects Peirce's abduction to explanation in economics and the economic literature on uncertainty. It is argued that explanation, uncertainty, and abduction complement each other and their combination is valuable to economics.

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“…K. Rymes Interest in the philosophical foundations of Keynes's economics has blossomed in recent years (see Lawson and Pesaran, 1985;Carabelli, 1988;Fitzgibbons, 1988;O'Donnell, 1989;Bateman and Davis, 1991;Gerrard and Hillard, 1992;Moggridge, 1992;and Skidelsky, 1992). K. Rymes Interest in the philosophical foundations of Keynes's economics has blossomed in recent years (see Lawson and Pesaran, 1985;Carabelli, 1988;Fitzgibbons, 1988;O'Donnell, 1989;Bateman and Davis, 1991;Gerrard and Hillard, 1992;Moggridge, 1992;and Skidelsky, 1992).…”

Section: In Closingmentioning

confidence: 99%

“…It is something which, as with Keynes's rational degrees of belief, "".exists in an external realm of philosophical concepts and does not reside solely in the subjective mind of the individual" (O'Donnell, 1991b;my italics). It is something which, as with Keynes's rational degrees of belief, "".exists in an external realm of philosophical concepts and does not reside solely in the subjective mind of the individual" (O'Donnell, 1991b;my italics).…”

Section: Keynes Himself Tells Us That In His Undergraduate Daysmentioning

confidence: 99%

Economics And Religion: Are They Distinct?

Brennan¹,

Waterman²

1994

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Keynes on mathematics: philosophical foundations and economic applications

Cited by 24 publications

References 2 publications

Post Keynesian Perspectives and Complex Ecologic-Economic Dynamics

Post Keynesian Perspectives and Complex Ecologic-Economic Dynamics

Abduction and economics: the contributions of Charles Peirce and Herbert Simon

Economics And Religion: Are They Distinct?

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