Keynes wrote in The General Theory: “If we speak frankly, wehave to admit that our basis of knowledge for estimating the yieldten years hence of a railway, a copper mine, a textile factory …amounts to little and sometimes to nothingâ€
Keynes was not talking about periods of turmoil and crisis whenit might be expected that accurate information would be hard tocome by; in his view, a state of “near ignorance†was the normalstate of affairs.
Discuss Keynes’ concept of “uncertain†knowledge andwhat it may imply for our ability to measure risk and to invest,both in financial assets as well as in “realâ€businesses.
