Uncertainty, Justification, and Enterprise: Modernizing Frank Knight's Forgotten Construct

217 Pages Posted: 8 Feb 2023 Last revised: 10 Jun 2023

See all articles by Amar Bhide

Amar Bhide

Columbia University - Mailman School of Public Health

Date Written: February 6, 2023

Abstract

This paper comprises the first ten chapters of a book in progress. This book aims to help modernize and extend Knight's forgotten construct of uncertainty. Part One includes a preface, a very detailed Introduction, and six chapters that examine the formidable obstacles to modernization as well as some forgotten and disused pathways around the obstacles. The formidable obstacles comprise four kinds of well-entrenched mainstream theories and the methodologies demanded by the accepted economics paradigm. The forgotten and disused pathways include ideas from Keynes's 1921 Treatise on probability; Herbert Simon's bounded reasonableness – which included limits to what we can know (i.e., uncertainty); and, Daniel Ellsberg's ambiguity – a simple observable source of Knightian Uncertainty. Part Two discusses the application of my modernization to explain the specialization of contemporary enterprise.

Keywords: entrepreneurship, economic methodology, business history, innovation

JEL Classification: B0, M0, O0

Suggested Citation

Bhide, Amar, Uncertainty, Justification, and Enterprise: Modernizing Frank Knight's Forgotten Construct (February 6, 2023). Available at SSRN: https://ssrn.com/abstract=4350162 or http://dx.doi.org/10.2139/ssrn.4350162

Amar Bhide (Contact Author)

Columbia University - Mailman School of Public Health ( email )

600 West 168th St., 6th Floor
New York, NY 10032
United States

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