Keynes and Knight: Risk-uncertainty distinctions, priority, coherence and change
- Publisher:
- Oxford University Press (OUP)
- Publication Type:
- Journal Article
- Citation:
- Cambridge Journal of Economics, 2021, 45, (5), pp. 1127-1144
- Issue Date:
- 2021-09-01
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Concerning the risk-uncertainty distinctions deployed by J.M. Keynes and F.H. Knight, this paper poses three questions. Historically, who has priority in introducing the distinction? Analytically, are both conceptions logically coherent? Temporally, did changes in viewpoint occur? Careful analysis leads to conclusions departing from conventional views.
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