A Technical Definition of Uncertainty and the Long-run Non-neutrality of Money

Abstract

Ever since Knight’s (1921) seminal work, some economists have drawn a distinction between uncertainty and risk — in order to demonstrate that this difference has important implications for understanding the operations of an entrepreneurial economy. Lawson (1985) is the latest to discuss the need for the analysis of ‘societal interaction’ 1 in an economic world where ‘[uncertainty, as opposed to mathematical risk, is a pervasive fact of life’ (p. 909). Lawson correctly associates the concept of uncertainty with the situation where there is no basis whatever upon which to form any calculable probability … Uncertainty in this account arises when the probability relation is numerically indeterminate and non-comparable to other probability relations (1985, p. 914). These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 97 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.