dave on Nostr: Uncertainty is a central concept in Keynesian economics, as it is difficult to ...

Uncertainty is a central concept in Keynesian economics, as it is difficult to predict the future economic policies and outcomes accurately. This lack of certainty can lead to increased volatility and difficulty in forecasting future economic performance. Keynesian economists focus on understanding and managing economic risk, by analyzing past economic performance and attempting to forecast the future impact of policy decisions. Additionally, Keynesian economics recognizes the power of market expectations and sentiments, as these are significant factors in determining investment and consumption decisions. Thus, Keynesians have embraced uncertainty, by emphasizing the importance of risk management and forecasting, as well as the power of public opinion and market expectations.