Human after all

Abstract

I aimed to understand the nature of uncertainty in economics. During my research, I discovered a variety of different approaches, theories and methods that deal with the problem of uncertainty in economics. I was unable to give the same attention to all of them, due to their complexity and scope. The comprehensive discussion of the problem of uncertainty in economics points to its significance for the science of economics and its challenging character. The problem of uncertainty has historic, political, methodological, epistemological, ontological and theoretical implications that prevent a generally accepted concept in economics. As a consequence, the Neoclassical Uncertainty Paradigm emerged as a methodology-wise elegant compromise. Today, this compromise has become untenable. Still, large parts of mainstream micro- and macroeconomics and especially Modern Financial Economics is built on the fragile fundament of this outdated Paradigm, which deemphasises the significance of uncertainty for economic phenomena and the science of economics.