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Uncertainty According to Knight and Keynes

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  • Carlo Zappia

    (University of Siena)

Abstract

This chapter delineates the distinction between risk and uncertainty, following the approaches of Frank Knight and John Maynard Keynes, with the primary objective being to highlight their commonalities. However, it also addresses the differences between Knightian and Keynesian uncertainty that emerged in Keynes’s General Theory. The chapter places particular emphasis on the intertwined nature of Keynes’s analysis of probability and his understanding of uncertainty.

Suggested Citation

  • Carlo Zappia, 2025. "Uncertainty According to Knight and Keynes," Springer Studies in the History of Economic Thought,, Springer.
    • Handle: RePEc:spr:spshcp:978-3-031-91221-4_3
    DOI: 10.1007/978-3-031-91221-4_3
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