Probability Foundations of Economic Theory

This book provides a clear survey of concepts of probability with relation to economic theory with a view to standardizing terminology and integrating probability into any discussion of the foundations of economic theory.

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First published in 1994. Concepts of probability are an integral component of economic theory. However there are a wide range of theories of probability and these are manifested in different approaches to economic theory itself. In this book Charles McCann, Jr provides a clear and informative survey of the area which serves to standardize terminology and so integrate probability into a discussion of the foundations of economic theory. This is illustrated by examples from Austrian, Keynesian and New Classical Economics.