I show that Keynesian macroeconomic theory is impossible if we consider (include) entrepreneurship as value creation in markets. Entrepreneurship, I argue, fundamentally undermines the Keynesian analysis

For many years, the ideas of Knight and Keynes have been widely understood to overlap greatly and they are presumed to have developed notions of uncertainty that deeply intersect, both describing a state where outcomes have non-probabilistic likelihoods. Further, even their political...