• Corpus ID: 55317256

On The Role Of Subjective Uncertainty In The Business Cycle

@inproceedings{Chamberlain2000OnTR,
  title={On The Role Of Subjective Uncertainty In The Business Cycle},
  author={Thomas E. Chamberlain},
  year={2000}
}
While the present new approach to economics opposes the ordinal-utility school promoted by Pareto and Hicks early in the twentieth century, it bears some similarity to modern Real Business Cycle theory with its necessarily cardinal utility. A difference that cuts across all of economics, how ever, is how economic behavior of the individual human being is approached: Contrary to modern economic theory, production and consumption are modeled together (in the same model) as distinct or separate… 

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