Keynes, Uncertainty And The Competitive Process

Uncertainty was a lifetime preoccupation for J. M. Keynes. The notion of uncertainty features prominently in his economic writings and implicitly in his fellowship dissertation,A Treatise on Probability. A substantial interpretative literature has arisen on the nature of the conceptualisation of uncertainty and epistemic roots of Keynes’s discussion of the importance of expectations in theGeneral Theory. Much of this literature has approached Keynes’s discussion from a variety of different perspectives exploring the nexus of Keynes’s contribution to the history of economic thought, philosophy, the foundations of probability, economics, psychology and contemporary economic events and analysis. Substantial light has been shed on Keynes’s discussion.