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Risk, Uncertainty and Profit

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Risk, Uncertainty and Profit Cover

 

Synopses & Reviews

Publisher Comments:

One of the twentieth century's most influential economics texts, Risk, Uncertainty and Profit provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. This revolutionary work taught the world how to systematically distinguish between risk (randomness with knowable probabilities), and uncertainty (randomness with unknowable probabilities), in order to accurately and properly ascertain a venture's potential profitability.

Author Frank H. Knight's methodology served as the foundation of the Chicago School of Economics, maintaining that competition in a free market economy is the best method for achieving economic health. In this 1921 book, Knight explains why perfect competition would not necessarily eliminate profits, because of "uncertainty," rather than "risk." He contends that even in long-run equilibrium, entrepreneurs would earn profits as a return for their toleration of uncertainty. Knight's reasoning remains valid in the twenty-first century, and his definitions of risk and uncertainty continue to be taught in modern economics classes.

Sociologist Edward Shils declared Risk, Uncertainty and Profit "a brilliant book," noting its interest not only to economists but also to social philosophers, sociologists, game theorists, and other specialists in social science.

Synopsis:

Originally published: Boston: Houghton Mifflin, 1921, in series Hart, Schaffner & Marx prize essays on economics; no. 31.

Synopsis:

This revolutionary work taught the world how to systematically distinguish between risk randomness with knowable probabilities and uncertainty randomness with unknowable probabilities in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

Synopsis:

This revolutionary work taught the world how to systematically distinguish between risk — randomness with knowable probabilities — and uncertainty — randomness with unknowable probabilities — in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

Table of Contents

Preface to the First Edition

Preface to the 1933 Edition

Preface to the 1948 Edition

Preface to the 1957 Edition

Part One: Introductory

and#160; I. The Place of Profit and Uncertainty in Economic Theory

and#160; II. Theories of Profit; Change and Risk in Relation to Profit

Part Two: Perfect Competition

and#160; III. The Theory of Choice and of Exchange

and#160; IV. Joint Production and Capitalization

and#160; V. Change and Progress with Uncertainty Absent

and#160; VI. Minor Prerequisites for Perfect Competition

Part Three: Imperfect Competition Through Risk and Uncertainty

and#160; VII. The Meaning of Risk and Uncertainty

and#160; VIII. Structures and Methods for Meeting Uncertainty

and#160; IX. Enterprise and Profit

and#160; X. Enterprise and Profit. The Salaried Manager

and#160; XI. Uncertainty and Social Progress

and#160; XII. Social Aspects of Uncertainty and Profit

Index

Product Details

ISBN:
9780486447759
Author:
Knight, Frank H.
Publisher:
Dover Publications
Author:
Knight, Frank Hyneman
Subject:
Profit
Subject:
Risk
Subject:
Economics - Microeconomics
Subject:
General Business & Economics
Subject:
Uncertainty
Subject:
Economics - General
Subject:
Taxation - Corporate
Edition Description:
Trade Paper
Series:
Dover Books on History, Political and Social Science
Publication Date:
20060331
Binding:
TRADE PAPER
Grade Level:
General/trade
Language:
English
Illustrations:
5
Pages:
448
Dimensions:
8.5 x 5.38 in 1.11 lb

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Risk, Uncertainty and Profit New Trade Paper
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Product details 448 pages Dover Publications - English 9780486447759 Reviews:
"Synopsis" by , Originally published: Boston: Houghton Mifflin, 1921, in series Hart, Schaffner & Marx prize essays on economics; no. 31.
"Synopsis" by ,
This revolutionary work taught the world how to systematically distinguish between risk randomness with knowable probabilities and uncertainty randomness with unknowable probabilities in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

"Synopsis" by ,
This revolutionary work taught the world how to systematically distinguish between risk — randomness with knowable probabilities — and uncertainty — randomness with unknowable probabilities — in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

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