Clarifying Frank Knight's discussion of the meaning of uncertainty
Article Abstract:
Frank Knight's theory of the differences between risk and uncertainty are well established in economic theory. However, there is a a flaw in Knight's formula has not been acknowledged. He highlights three probability situations which he refers to as priori probability, statistical probability and estimates and he argues that they vary only by degree rather than being totally different. However, he later suggests that priori and statistical probability are indeed different. A revised theory has been proposed which overcomes this problem.
Publication Name: Cambridge Journal of Economics
Subject: Economics
ISSN: 0309-166X
Year: 1998
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On Interpreting Ricardo: a reply to Sraffians
Article Abstract:
Views outlined in a book entitled 'Interpreting Ricardo', which analyses Ricardo's views on value, distribution and accumulation, have been criticized by reviewers who favour interpretations put forward by Sraffa . However, it is argued that while Sraffa was an accomplished scholar, his interpretation of Ricardo's work was influenced by his own theoretical perspective and basic flaws in his thinking are evident as a result.
Publication Name: Cambridge Journal of Economics
Subject: Economics
ISSN: 0309-166X
Year: 1998
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