Uncertainty Aversion and Economic Depressions

Richard Posner

Challenge, 2009, vol. 52, issue 5, 25-43

Abstract: The noted jurist argues that during times of economic downturns, the aversion to uncertainty of consumers and business people rises. This is a notion embedded, he argues, in the thinking of both John Maynard Keynes and Frank Knight. One conclusion is that government stimulus is necessary in such periods, like the current one, to reduce the fear of consumers and business to spend and invest.

Date: 2009
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DOI: 10.2753/0577-5132520502

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