ABSTRACT
John Maynard Keynes was clearly challenging the Benthamite calculus that underpins much of orthodoxy. The decision to invest suggests a decision which broaches an uncertain future. And as the future is uncertain it must presumably be imagined prior to decision and action. It is such chains of reasoning that have led many Post Keynesians to stress that Keynes’ contribution endorsed the view that social reality was transmutable and underpinned his wider theoretical schema. However, there have been no attempts to reflect at length on the extent to which Keynes’ conceptualisation of uncertainty is embedded in his ontological vision. This chapter addresses this gap and helps clarify the types of considerations that are involved in theorising about processes that are transmutable. We reflect on aspects of Keynes’ social, literary and economic contributions and consider whether Keynes espoused a view of uncertainty and action that is transmutable, and the extent to which it was embedded in a creative view of the competitive process developed above.
