This paper offers a re-interpretation of the relationship between Keynes’s A Treatise on Probability and the General Theory. Keynes’s thought on philosophy, probability and economics is viewed as a process of contextual evolution in which his thought evolved as its context changed,...

In his recent paper in this journal, Bateman (2021) breaks with the “Standard View” of Ramsey’s influence on Keynes and argues that Ramsey’s pragmatist philosophical thought underpinned both Keynes’s acceptance of Ramsey’s subjective theory of probability, and Keynes’s adoption of...

This paper re-assesses Ramsey’s influence on Keynes. It is argued that the Standard View has restricted attention to the implications for probability theory of Ramsey’s criticisms of Keynes’s concepts of logical probability-relations and non-numerical probabilities. Building on the work of...

Knight’s risk/uncertainty distinction is reviewed in its original context as a contribution to the theory of profit. Knight’s approach to probability is paralleled by Ludwig von Mises, as emphasised by recent developments in strategic entrepreneurship theory. Von Mises distinguishes between...