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Books > History > History of specific subjects > Economic history
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Ethics and Uncertainty - The Economics of John M. Keynes and Frank H. Knight (Hardcover)
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Ethics and Uncertainty - The Economics of John M. Keynes and Frank H. Knight (Hardcover)
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Despite their common emphasis upon uncertainty as a key economic
variable, Frank Knight and John Maynard Keynes viewed its role from
different ethical perspectives. These attitudes were derived from
contrasting formative influences and differing views regarding the
role of economic theory as applied to the real world.William Greer
reveals that the intellectual atmosphere into which Keynes was born
led him to consider individual and collective action positively,
enabling policymakers to take purposeful, deliberate action, in the
face of an uncertain, non-ergodic future. The conservative,
theological era from which Knight emerged left him accepting of a
predetermined, ergodic world in which the government should assume
a minimal role in ensuring the smooth operation of a system of
otherwise free markets. Ethics and Uncertainty explores how two
economists, who both placed 'uncertainty' at the heart of their
economic theories, come to drastically different and opposing
policy recommendations. The volume illustrates that the important
lesson to learn from both Knight and Keynes is that ethics and the
desire to improve mankind should be the focus of economic enquiry.
This fascinating volume will be essential reading for followers of
Keynes and Knight. The book will also be welcomed by scholars in
the field of economic thought, and those interested in the
development of modern macroeconomics and microeconomics.
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