4min chapter

The Joe Walker Podcast cover image

On Radical Uncertainty, "Phantastic Objects", And Blowing Bubbles - David Tuckett

The Joe Walker Podcast

CHAPTER

The Nightian Uncertainty

There's a very important concept known as nightian uncertainty named after Frank Knight, who introduced it in 1921. He was essentially talking about the fact that the dynamics of the world are unknown to us and constantly changing. The key idea here is that value depends on imagination. And actually, what economics and some other sciences completely fail to understand is that information doesn't grow on a tree where its meaning is absolutely clear"

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