The Keynesian notion that economic decision making is subject to fundamental uncertainty (as opposed to probabilistic risk) is often dismissed by contemporary economists using familiar arguments about the presumed rationality of the expectations formation process. The paper argues that this line...

This paper confronts the argument that the globalization of capital markets now effectively rules out the independent conduct of monetary, fiscal, and other policies in the individual national jurisdictions. It argues that an independent policy stance continues to be feasible as long as the...