Risk, Uncertainty and Profit
Knight's classic study has a long history: first published in 1921, reissued 1933, reprinted 1948 and 1957, and cited in Books for College Libraries, 3d ed. 1971. Annotation c. Book News, Inc., Portland, OR (booknews.com).
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THE THEORY OF CHOICE AND OF EXCHANGE
JOINT PRODUCTION AND CAPITALIZATION
CHANGE AND PROGRESS WITH UNCERTAINTY ABSENT
MINOR PREREQUISITES FOR PERFECT COMPETITION
IMPERFECT COMPETITION THROUGH RISK AND UNCERTAINTY
actual alternatives amount assume assumption behavior capital capitalization rate chapter classical economic commodity connection consume consumption contract cost course curve degree depends diminishing returns discussion distribution ditions duction ductive economic theory effect element enterprise entrepreneur equal equilibrium estimate exchange fact factors freedom of contract function fundamental future human important income increase individual industry interest investment involved J. S. Mill judgment justment knowledge labor large number law of large less limited matter means ment merely method monopoly moral hazard motives nature nomic operations organization owner perfect competition persons possible present principle probability problem productive agencies productive services profit progress question rational relation result risk sense separate situation social society sort static sumption supply supply and demand tendency theoretical things timate tion uncertainty utility wages wants wealth
Page 33 - Reduce society to a stationary state, let industry go on with entire freedom, make labor and capital absolutely mobile — as free to move from employment to employment as they are supposed to be in the theoretical world that figures in Ricardo's studies — and you will have a regime of natural values.