Risk, Uncertainty and Profit

Front Cover
Cosimo, Inc., 2005 - Business & Economics - 400 pages
7 Reviews
We live in a world full of contradiction and paradox, a fact of which perhaps the most fundamental illustration is this: that the existence of a problem of knowledge depends on the future being different than the past, while the possibility of the solution of the problem depends on the future being like the past. -from Chapter XI: Uncertainty and Social Progress 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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Review: Risk, Uncertainty and Profit

User Review  - Nils - Goodreads

Famous for its central distinction between RISK (which is measurable, and therefore hedgeable) and UNCERTAINTY (which is truly unknown), this book turns out to be really a long defense of the role of ... Read full review

Review: Risk, Uncertainty and Profit

User Review  - Goodreads

Famous for its central distinction between RISK (which is measurable, and therefore hedgeable) and UNCERTAINTY (which is truly unknown), this book turns out to be really a long defense of the role of ... Read full review

Selected pages

Contents

INTRODUCTORY
1
THE PLACE OF PROFIT AND UNCERTAINTY EST ECONOMIC THEORY
3
THEORIES OF PROFIT CHANGE AND RISK IN RELATION TO PROFIT
22
PERFECT COMPETITION
49
THE THEORY OF CHOICE AND OF EXCHANGE
51
JOINT PRODUCTION AND CAPITALIZATION
94
CHANGE AND PROGRESS WITH UNCERTAINTY ABSENT
141
MINOR PREREQUISITES FOR PERFECT COMPETITION
174
THE MEANING OF RISK AND UNCERTAINTY
197
STRUCTURES AND METHODS FOR MEETING UNCERTAINTY
233
ENTERPRISE AND PROFIT
264
ENTERPRISE AND PROFIT continued THE SALARIED MANAGER
291
UNCERTAINTY AND SOCIAL PROGRESS
313
SOCIAL ASPECTS OP UNCERTAINTY AND PROFIT
347
INDEX
377
Copyright

IMPERFECT COMPETITION THROUGH RISK AND UNCERTAINTY
195

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