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On pragmatic Philosophy and Knightian uncertainty

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  • Stephen John Nash

Abstract

Knight indicates that his proposition of uncertainty is based on two important premises: (a) that the proposition of uncertainty is premised on a reevaluation of the theory of knowledge, and (b) that the primary theory of knowledge used in this re-evaluation may be the Pragmatic theory of knowledge. It is instructive to follow up on the hints that Knight gives, regarding the influences on his work, so as to clarify aspects of Knightian uncertainty for contemporary research. Accordingly, this work first analyzes the main insights of Pragmatic philosophy. Second, the connection between these insights and the definition of Knightian uncertainty is then outlined. Third, some conclusions as to the implications of this analysis are drawn.

Suggested Citation

  • Stephen John Nash, 2003. "On pragmatic Philosophy and Knightian uncertainty," Review of Social Economy, Taylor & Francis Journals, vol. 61(2), pages 251-272.
    • Handle: RePEc:taf:rsocec:v:61:y:2003:i:2:p:251-272
    DOI: 10.1080/0034676032000098246
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    References listed on IDEAS

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    1. Norman, Alfred L. & Shimer, David W., 1994. "Risk, uncertainty, and complexity," Journal of Economic Dynamics and Control, Elsevier, vol. 18(1), pages 231-249, January.
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    3. Langlois, Richard N & Cosgel, Metin M, 1993. "Frank Knight on Risk, Uncertainty, and the Firm: A New Interpretation," Economic Inquiry, Western Economic Association International, vol. 31(3), pages 456-465, July.
    4. Geoffrey M. Hodgson & Warren J. Samuels & Marc R. Tool (ed.), 1994. "The Elgar Companion to Institutional and Evolutionary Economics," Books, Edward Elgar Publishing, volume 0, number 228.
    5. D. H. Robertson, 1939. "Rejoinder," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 53(2), pages 317-317.
    6. Sen, Amartya, 1988. "Freedom of choice : Concept and content," European Economic Review, Elsevier, vol. 32(2-3), pages 269-294, March.
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    Cited by:

    1. D. Wade Hands, 2006. "Frank Knight and pragmatism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(4), pages 571-605.
    2. Ekaterina Svetlova & Henk van Elst, 2012. "How is non-knowledge represented in economic theory?," Papers 1209.2204, arXiv.org.

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