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On pragmatic Philosophy and Knightian uncertainty

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  • Stephen John Nash
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    Abstract

    Knight indicates that his proposition of uncertainty is based on two important premises: (a) that the proposition of uncertainty is premised on a reevaluation of the theory of knowledge, and (b) that the primary theory of knowledge used in this re-evaluation may be the Pragmatic theory of knowledge. It is instructive to follow up on the hints that Knight gives, regarding the influences on his work, so as to clarify aspects of Knightian uncertainty for contemporary research. Accordingly, this work first analyzes the main insights of Pragmatic philosophy. Second, the connection between these insights and the definition of Knightian uncertainty is then outlined. Third, some conclusions as to the implications of this analysis are drawn.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Review of Social Economy.

    Volume (Year): 61 (2003)
    Issue (Month): 2 ()
    Pages: 251-272

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    Handle: RePEc:taf:rsocec:v:61:y:2003:i:2:p:251-272

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    Keywords: uncertainty; Pragmatic philosophy; Knight;

    References

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    1. Norman, Alfred L. & Shimer, David W., 1994. "Risk, uncertainty, and complexity," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 231-249, January.
    2. Langlois, Richard N & Cosgel, Metin M, 1993. "Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation," Economic Inquiry, Western Economic Association International, vol. 31(3), pages 456-65, July.
    3. Sen, Amartya, 1988. "Freedom of choice : Concept and content," European Economic Review, Elsevier, vol. 32(2-3), pages 269-294, March.
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    Cited by:
    1. Ekaterina Svetlova & Henk van Elst, 2012. "How is non-knowledge represented in economic theory?," Papers 1209.2204, arXiv.org.

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