ABSTRACT

Uncertainty has to be severed from horizon and scale in order to be generalised. This chapter argues that radical uncertainty is a property of time. Viewing uncertainty in this way means that time is irreversible, succession of primary importance. That things happen in successive order means they cannot be undone once done and others cannot happen without some having already taken place. Order in time creates path dependency and hysteresis. This is why there is a natural affinity between Kalecki, on one hand, and Robinson and Shackle, on the other.