Facing Up to Keynesian Uncertainty

The transcript discusses Keynes' views on irreducible uncertainty, distinguishing it from measurable risk. It highlights the role of economic stability and conventions in managing uncertainty. Keynes' work on probability and the problem of knowledge in economics is explored, emphasizing the challenges of predicting future events. The discussion also touches on historical perspectives, such as Frank Knight's work and the impact of global instability on economic thought.

In what ways did Frank Knight's work contribute to the understanding of uncertainty in economics?

Discuss the relationship between knowledge and time as presented in the text.