Renewing Knightian Uncertainty Problems and Possibilities

Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Knight also used uncertainty to specify the distinctive role of the entrepreneur (not just entrepreneurial profit). Using uncertainty along similar lines – and adapting Knight’s proposed (and now forgotten) “middle way” methodology -- may offer slightly more promising prospects. I evaluate these prospects