Risk, Uncertainty and Profit

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Cosimo, Inc., Nov 1, 2006 - Business & Economics - 400 pages
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A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
 

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Contents

I
3
II
22
III
49
IV
51
V
94
VI
141
VII
174
VIII
195
IX
197
X
233
XI
264
XII
291
XIII
313
XIV
347
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Page 19 - risk" means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character...

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