The Economic Theory of Risk and Insurance (Classic Reprint) - Hardcover

Allan H. Willett

Hardcover

ISBN 10: 0265411793 ISBN 13: 9780265411797

Publisher: Forgotten Books, 2018

Synopsis

The Economic Theory of Risk and Insurance explains how risk shapes capital, wages, and the cost of uncertainty—and who benefits.

Written in 1901, this work lays out a static theory of distribution where labor and capital create wealth and risk alters how rewards are allocated. It distinguishes risk from pure chance and examines how insurance, profit, and the entrepreneur fit into a steady state. The book also contrasts different kinds of risk and considers how society bears and allocates the cost of uncertain loss.

• Understand how risk affects where capital goes and how returns are distributed.
• Learn how insurers, profits, and the entrepreneur’s role fit the static theory.
• See why the reward for risk-taking is a key component of interest and wages.

Ideal for readers of early economic theory and the history of risk and insurance.

About this title

About the Author

Allan H. Willett was a member of the faculty of Carnegie Mellon University.

Review

"One of the classic books on Insurance is Allan H. Willett's The Economic Theory of Risk and Insurance. . . . This has long been a scarce item, in fact, impossible to buy, although every student of Insurance knows that it was the first and still remains the best discussion of the economic principles of Insurance."—Robert Riegel, Professor of Statistics and Insurance, University of Buffalo

Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• Language: English
• ISBN 10: 0265411793
• ISBN 13: 9780265411797
• Binding: Hardcover
• Number of pages: 156