Uncertainty and Identity: A Post Keynesian Approach

Marshall’s asset equilibrium model provides a way of explaining the identity of entrepreneurs. Keynes adopted this model but transformed it when he emphasized the short-period and volatile character of long-term expectations. This entails a view of entrepreneur identity in which radical uncertainty plays a central role. This in turn deepens the post Keynesian view of uncertainty as ontological in that entrepreneurs’ survival plays into their behavior. This paper explores this role-based view of individual identity and uses the analysis to comment on Keynes’s ideas for the socialization of investment and euthanasia of the rentier in the last chapter of The general theory.