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Our Dublin correspondent telegraphed last night:

On-going change in relation to the management of public services has led to the development of many initiatives in the control of day-to-day resources as the New Public Management¹ (Hood, 1991, 1995) continues its reforms. In this context debates about control of capital expenditure have taken a less visible role despite some earlier and influential comment on the area (Perrin, 1978 for example). Perhaps as the flow of ideas for reform in the management of day-to-day activity have waned, recent attention has turned more systematically to the efficient use of capital resources or infrastructure. This has been accompanied by recognition of the poor state of some of the public sector infrastructure. This chapter is concerned with the implications of the changing approaches to the provision of infrastructure is the U.K. National Health Service (NHS). Its particular focus in the Private Finance Initiative (PFI) and the contractual implications this brings into infrastructure development.

This is an interpretive study in the sociology of literature that explores Aeschylus’s trilogy of dramatic plays known as the Oresteia. The plays dramatize a normative argument that exemplifies the dialectical struggle between domination and democracy. Social relations are characterized by agon (struggle), domination, and contradictions brought about by learning through suffering. These social realities reflect the primary theoretical claim of radical interactionism (RI) that domination and conflict are profound, pervasive, and perennial. On the interpersonal level, the plays dramatize structure, agency, role-taking, and the Thomas Axiom. As the first drama to interrogate an inchoate polity as an object of the public’s gaze, the Oresteia anticipates the sociological importance of critical consciousness, collective decision-making, political institutions, moral and, ultimately, cultural transformation. Despite a social context of slavery, imperialism, xenophobia, ostracism, misogyny, exclusivity, and constant warfare, the Oresteia foreshadows Western civilization’s ideals of legal-rational domination, citizenship, human rights, persuasion, and justice that have been imperfectly institutionalized to reduce surplus domination. The West still struggles to realize those ideals.

The goal of this paper is to analyze the views of Frank Knight and Ludwig von Mises on the topic of uncertainty and how it influences the theory of individual decision-making and to trace out the implications of the same for the theories of entrepreneurship, equilibrium, and the firm. The paper adopts a historical approach in its analysis of the theory of uncertainty, with an extended discussion of the primary writings of Knight and Mises on this topic. It then uses the insights gleaned from this discussion in order to address issues and topics that have found a prominent place in the modern literature on entrepreneurship, equilibrium, and the firm that draws its inspiration from the Austrian School. The paper offers three main findings: in the realm of entrepreneurship it argues that there can be no theory of the entrepreneur without the concept of uncertainty provided by Knight and Mises, whereas with regard to the theory of equilibrium it focuses on highlighting the concept of an equilibrium with error prevalent in the Austrian tradition and on the implications that an explicit introduction of uncertainty has for the existence of a process of equilibration that pushes the economy toward a state of general equilibrium in real time. As regards the theory of the firm we find that a proper understanding of uncertainty ultimately reverses the direction of any causal explanation of economic organization, making the firm an outcome of dealing with uncertainty rather than a means to do so.