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J.M. Keynes Versus F.H. Knight

Risk, Probability, and Uncertainty

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  • © 2019

Overview

Authors:
  1. Yasuhiro Sakai

    1. Department of Economics, Center for Risk Research, Shiga University, Hikone, Japan

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  • Offers a systematic comparison of Keynes's earlier work on probability and Knight's well-known work on risk and uncertainty
  • Discusses the economics of nuclear power generation as an application of the Keynes–Knight approach
  • Highlights the necessity to unify Keynes and Knight into a new, comprehensive approach

Part of the book series: Evolutionary Economics and Social Complexity Science (EESCS, volume 18)

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xvi
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Keywords

About this book

This book critically discusses and systematically compares J.M. Keynes and F. H. Knight, two giants in the history of economic thought. In 1921 they both published apparently similar books on risk, probability, and uncertainty. However, while Knight's contribution on risk and uncertainty is now well recognized, Keynes's work on probability and uncertainty has been somewhat ignored in the shadow of his more famous The General Theory of Employment, Interest and Money (1936). Focusing on an earlier yet equally important volume by Keynes, A Treatise on Probability (1921), this book sheds a light on his outstanding ideas and the lasting influence on his later works, including The General Theory. There are few books that systematically discuss Keynes and Knight, although there are remarkable comparisons between Keynes's concept of probability and uncertainty and Knight's distinction between a measurable risk and a non-measurable uncertainty. This timely book unifies Keynes and Knight into a new, comprehensive approach to a very complex human behavior

Authors and Affiliations

  • Department of Economics, Center for Risk Research, Shiga University, Hikone, Japan

    Yasuhiro Sakai

About the author

Yasuhiro Sakai, Center for Risk Research, Department of Economics, Shiga University

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