Keynes and Knight on uncertainty

Created
Tue, 25/02/2025 - 22:49
Updated
Tue, 25/02/2025 - 22:49
First, Knight and Keynes derive from their different philosophical worldviews distinct definitions of uncertainty. Keynes’s is a wholly epistemic uncertainty concept (see Packard and Clark, 2020), the ignorance of an actor regarding the objective and knowable (a priori) probabilities of future outcomes. Such probabilities are discoverable by learning the underlying ‘probability-relations’ between causes and effects. […]

Tags