Reframing Economics

Reframing Economics

Economic Action as Imperfect Cooperation

Roger A. McCain

The objectives of this book are twofold. Firstly, it proposes that economics should be defined as a study of imperfect cooperation. Secondly, it elucidates the continuities that extend from classical political economy through the neoclassical, Keynesian, and modern economics of the twenty-first century.

Chapter 5: Further benefits of working together: sharing risk

Roger A. McCain

Subjects: economics and finance, game theory, history of economic thought, methodology of economics


In all that has been said so far, knowledge and decisions have played important roles. Decisions to exchange or to produce for oneself, work together or independently, to offer a higher or a lower price, all have to be made on the basis of our knowledge about the results of those decisions. Often, though, we must make our decisions before we know for certain what the result will be. That is, we have to cope with uncertainty. The ways that people cope with uncertainty affect the ways that people work together, and conversely. To further advance our understanding of how people work together, the next step will be to consider how they cope with uncertainty.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information