The Knightian expertise of the venture capitalist The Value of Frank Knight’s Work in Shedding Light on the Economic Challenges of the 21st Century

Knight’s thinking is very rich and sheds original light on many issues of economic life. The aim of this article is to show that Knight’s work can at a theoretical level illuminate an understanding of the expertise of a particular type of financier: namely, the venture capitalist. Their expertise, which we describe as Knightian, is based on a capacity for judgment under radical uncertainty, the pillars of which are experience and intuition.