RE: Uncertainty

["John M. Legge" <jlegge@xxxxxxxxxxxxxx>]

For rhetorical purposes at least Schumpeter puts it better: future
preferences change, not because of human irrationality, but because of
innovation.

It is hard to imagine even Lucas saying with a straight face that people
have an ordered set of preferences between the types of power plant on offer
in cars in 2020.

Jamie Galbraith did a good job of integrating Keynes and Schumpeter in
*Created Unequal* but few seem to have followed his lead,

JML


-----Original Message-----
From: pkt-owner@xxxxxxxxxxxxxxxx [mailto:pkt-owner@xxxxxxxxxxxxxxxx]On
Behalf Of PHILIPPE BURGER
Sent: Thursday, 21 December 2000 1:32 AM
To: pkt@xxxxxxxxxxxxxxxx
Subject: Re: Uncertainty


Hi from far off South Africa,
One of the issues that set PK aside from mainstream economics is the
acceptance by PK of ontological uncertainty. The main question is why
mainstream economists find it so hard to accept the existence of ontological
uncertainty. If you ask anyone on the street, they will tell you that the
future is unpredictable, so why do most economists find it so hard to
accept?