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,...

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...