On the Anticipation of Knightian Uncertainty in Nietzsche’s Genealogy of Morals

In looking towards the origins of uncertainty in economic theory, most economists point to the groundbreaking work of Frank Knight in America or J.M. Keynes in England. However, it can be argued that developments in philosophy contributed, at least in some way, to the proposition of uncertainty in economics, particularly in the case of Knight. In tracing the nature and scope of these contributions, as they relate to Knightian uncertainty, this paper generally looks beyond the more immediate Pragmatic influence on Knight, towards a work by an author who anticipates some of what both Knight and the Pragmatists were to emphasise; the Genealogy of Morals. In describing this possible anticipation by Nietzsche, it will be necessary to present the discussion into three parts. First, since the understanding of Nietzsche is premised on an understanding of the philosophical context that confronted Nietzsche, a brief outline of this context will be provided. Second, a more detailed examination of Nietzsche’s anticipation of Knightian uncertainty is then provided. Third, a comparison of Knightian uncertainty, the principles of Pragmatic philosophy, and Nietzsche’s Genealogy of Morals is used to provide a more detailed articulation of possible anticipations of Nietzsche.