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Locke, Marshall, and Knight, on uncertainty and risk

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  • Stephen John Nash
  • Liza Joan Rybak

Abstract

Uncertainty pre-occupies Locke in The Two Treatises of Government (TTOG), which makes the argument for the elimination of uncertainty, which was then developed by Hegel through the analysis of history, where man gradually improves himself over time. Marshall incorporates the procedure of historical improvement, as provided by Hegel, and the elimination of uncertainty, as proposed by Locke, within his analysis of economics. While Knight correctly notices that Marshall fails to acknowledge uncertainty, Knight does not examine the philosophy that drives this failure in Marshall. Instead, Knight grounds uncertainty on a recent development in philosophy.

Suggested Citation

  • Stephen John Nash & Liza Joan Rybak, 2022. "Locke, Marshall, and Knight, on uncertainty and risk," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 29(4), pages 704-728, July.
    • Handle: RePEc:taf:eujhet:v:29:y:2022:i:4:p:704-728
    DOI: 10.1080/09672567.2022.2074495
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