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Uncertainty: the Curate's egg in financial economics

2014; Wiley; Volume: 65; Issue: 2 Linguagem: Inglês

10.1111/1468-4446.12070

1468-4446

Jocelyn Pixley,

Economic Theory and Institutions

Economic theories of uncertainty are unpopular with financial experts. As sociologists, we rightly refuse predictions, but the uncertainties of money are constantly sifted and turned into semi-denial by a financial economics set on somehow beating the future. Picking out 'bits' of the future as 'risk' and 'parts' as 'information' is attractive but socially dangerous, I argue, because money's promises are always uncertain. New studies of uncertainty are reversing sociology's neglect of the unavoidable inability to know the forces that will shape the financial future.