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Uncertainty and the Historical Model Approach

In: Money and the Real World

Author

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  • Paul Davidson

Abstract

Many years ago in the never-never land of Chicago where the busy P’s of economic theory often flourish, there dwelt a wise and famous Knight (Frank H.) who recognised the sterility of the use of ‘classical’ economics in providing guidance for social policy. Hence this Knight attempted to redirect the economics profession towards the study of relevant economic problems1 by forging meaningful and realistic concepts. Risk, this Knight maintained, is measurable and hence is distinctively different from uncertainty which is incapable of measurement. Hence the term uncertainty must be restricted to ‘non-quantitative’ views about the future and it is this ‘true’ uncertainty, and not risk, the Knight insisted, which forms the basis of economic decision-making.2

Suggested Citation

  • Paul Davidson, 1978. "Uncertainty and the Historical Model Approach," Palgrave Macmillan Books, in: Money and the Real World, edition 0, chapter 0, pages 10-32, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-15865-2_2
    DOI: 10.1007/978-1-349-15865-2_2
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