Probability Foundations of Economic Theory - 9780415108676

Taylor & Francis

This book provides a clear survey of concepts of probability with relation to economic theory with a view to standardizing terminology and integrating probability into any discussion of the foundations of economic theory. > First published in 1994. Concepts of probability are an integral component of economic theory. However there are a wide range of theories of probability and these are manifested in different approaches to economic theory itself. In this book Charles McCann, Jr provides a clear and informative survey of the area which serves to standardize terminology and so integrate probability into a discussion of the foundations of economic theory. This is illustrated by examples from Austrian, Keynesian and New Classical Economics. > \n1 INTRODUCTION 2 THEORIES OF PROBABILITY 23 3 PROBABILITY AS A FUNDAMENTAL CONCEPT IN ECONOMICS 4 AUSTRIAN ECONOMICS 5 KEYNESAN ECONOMICS 6 RATIONAL EXPECTATIONS AND THE NEW NEOCLASSICISTS 7 CONCLUSION > Charles McCann (University of Pi)