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Black swans and Knight's epistemological uncertainty: are these concepts also underlying behavioral and post-Walrasian theory?

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  • Paul Davidson

Abstract

This paper argues that Nassim Taleb's "black swan" argument regarding uncertainty is equivalent to Frank Knight's epistemological concept of uncertainty. Moreover, both behavioral economists and post-Walrasians use an epistemological concept of uncertainty, in part related to Taleb's black swans. This black swan approach differs significantly from Keynes's idea that uncertainty is an ontological concept. Consequently, these different uncertainty concepts have different policy implications.

Suggested Citation

  • Paul Davidson, 2010. "Black swans and Knight's epistemological uncertainty: are these concepts also underlying behavioral and post-Walrasian theory?," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 32(4), pages 567-570, July.
    • Handle: RePEc:mes:postke:v:32:y:2010:i:4:p:567-570
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    Cited by:

    1. Katharina Glass & Ulrich Fritsche, 2015. "Real-time Macroeconomic Data and Uncertainty," Macroeconomics and Finance Series 201406, University of Hamburg, Department of Socioeconomics.
    2. Gianfranco Giulioni & Marcello Silvestri & Edgardo Bucciarelli, 2017. "Firms’ Finance in an Experimentally Microfounded Agent-Based Macroeconomic Model," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 259-320, May.
    3. Özgür Orhangazi, 2011. "“Financial” vs. “Real”: An Overview of the Contradictory Role of Finance," Research in Political Economy, in: Revitalizing Marxist Theory for Today's Capitalism, pages 121-148, Emerald Group Publishing Limited.
    4. repec:hal:journl:dumas-00906285 is not listed on IDEAS

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