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dc.contributor.authorMaziarz, Mariusz
dc.date.accessioned2018-02-19T15:21:44Z
dc.date.available2018-02-19T15:21:44Z
dc.date.issued2017
dc.identifier.issn1899-2226
dc.identifier.urihttp://hdl.handle.net/11089/24100
dc.description.abstractIn this article, I focus on the difference in moral judgment of macroeconomic interventions between the deterministic world of a thought experiment and the uncertain reality. The macroeconomic theory coined by Keynes is, in its most popular reading, deterministic and justifies interventionism. However, incorporating uncertainty into the analysis leads to the contrary result. Namely, if economic output is a random process, such as Gaussian white noise or a stochastic Markov chain, then intervening can bring either economic recovery or inflationary pressure and a next bubble. In the trolley‑problem philosophy, the one who pulls the lever instead of the trolley itself is believed to be guilty of the death of an innocent passer‑by standing on the side track. Similarly, if the Federal Reserve decided to intervene and failed (causing a bubble on the house market, instantiating), their monetary policy can be said to be a cause of the financial crisis. Therefore, governments should refrain from interventions.en_GB
dc.description.sponsorshipThe “Annales. Ethics in Economic Life” is affiliated and co-financed by the Faculty of Economics and Sociology of the University of Lodz.en_GB
dc.language.isoenen_GB
dc.publisherWydawnictwo Uniwersytetu Łódzkiegoen_GB
dc.relation.ispartofseriesANNALES. Etyka w Życiu Gospodarczym;4
dc.subjectuncertaintyen_GB
dc.subjectmonetary policyen_GB
dc.subjectfiscal policyen_GB
dc.subjectrecessionen_GB
dc.subjectmacroeconomicsen_GB
dc.titleEthics, Uncertainty, and Macroeconomicsen_GB
dc.typeArticleen_GB
dc.rights.holder© Copyright by Authors, Łódź 2017; © Copyright for this edition by Uniwersytet Łódzki, Łódź 2017en_GB
dc.page.number[51]-63
dc.contributor.authorAffiliationWrocław University of Economics, Poland
dc.identifier.eissn2353-4896
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dc.contributor.authorEmailmariusz.maziarz@ue.wroc.pl
dc.identifier.doi10.18778/1899-2226.20.4.04
dc.relation.volume20en_GB
dc.subject.jelB41
dc.subject.jelE32
dc.subject.jelE37
dc.subject.jelE52
dc.subject.jelZ13


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