Keynes, Knight, and Fundamental Uncertainty: A Double Centenary 1921–2021

Robert Dimand

Review of Political Economy, 2021, vol. 33, issue 4, 570-584

Abstract: John Maynard Keynes’s Treatise on Probability (1921) and Frank Knight’s Risk, Uncertainty and Profit (1921) independently stressed the distinction between insurable risk and uninsurable fundamental uncertainty (in Knight’s terminology), inspiring two literatures that have engaged with each other only intermittently. I explore the relationship between what Keynes wrote about uncertainty in his Treatise and what Knight published the same year, and consider what contributions by Truman Bewley and by Kiyohiko Nishimura and Hiroyuki Ozaki on Knightian uncertainty and Knightian decision theory have to offer for furthering understanding of Keynes on uncertainty, particularly as suggesting a response to Alan Coddington’s critique of the risk/uncertainty distinction.

Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/09538259.2021.1924470 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:33:y:2021:i:4:p:570-584

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRPE20

DOI: 10.1080/09538259.2021.1924470

Access Statistics for this article

Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon

More articles in Review of Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().