We do not wish to imply that there is nothing of value in Davidson’s presentation of the Post Keynesian approach to uncertainty. Nor do we believe that there is no possibility of fruitful dialogue on various aspects of the uncertainty problem between Austrians and Post Keynesians. Credit is certainly due to Davidson for his ability to frame the risk-uncertainty distinction in the language of modern, neoclassical theories of stochastic processes. And, apart from the omissions we have discussed, most Austrians will find little to disagree with in his discussion of entrepreneurship and “crucial” decisions. Unfortunately, those omissions are of fundamental relevance to the whole issue of uncertainty. The strength of the Austrian approach is demonstrated in its close attention to the entrepreneurial function that other traditions, including the Post Keynesians, tend to ignore.