Renewing Knightian Uncertainty: Problems and Possibilities

17 Pages Posted: 22 Jun 2021 Last revised: 31 Jan 2023

See all articles by Amar Bhide

Amar Bhide

Tufts University - The Fletcher School of Law and Diplomacy

Date Written: June 15, 2021

Abstract

Frank Knight's classic 1921 book distinguished between 'uncertainty' and 'risk.' This paper shows how mainstream economic theories have ignored Knight's distinction and suggests that including uncertainty would improve our understanding of entrepreneurship.

Keywords: Knightian uncertainty, entrepreneurship, economic methodology, economic history

JEL Classification: B0,M0,O0

Suggested Citation

Bhide, Amar, Renewing Knightian Uncertainty: Problems and Possibilities (June 15, 2021). Harvard Business School Research Paper Series No. 21-129, Available at SSRN: https://ssrn.com/abstract=3868219 or http://dx.doi.org/10.2139/ssrn.3868219

Amar Bhide (Contact Author)

Tufts University - The Fletcher School of Law and Diplomacy ( email )

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