Risk, Uncertainty, and Profit - Softcover

Knight, Frank H.

Softcover

ISBN 10: 0984061428 ISBN 13: 9780984061426

Publisher: Signalman Publishing, 2009

Synopsis

Frank Knight's famous dissertation "Risk, Uncertainty and Profit" (1921) remains one of the most interesting reads in economics even today. In it, Knight made his famous distinction between "risk" (randomness with knowable probabilities) and "uncertainty" (randomness with unknowable probabilities), set forth the role of the entrepreneur in a distinctive theory of profit and gave one of the earliest presentations of the now-famous law of variable proportions in the theory of production. This work is a must-read for any serious student of economics.

About this title

From the Back Cover:

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.

About the Author:

FRANK H. KNIGHT (1885-1972) was a graduate of the University of Tennessee where he received a Bachelor of Science degree and a Master of Arts degree. He then pursued his doctorate in Economics at Cornell University, studying under Professors Alvin Johnson and Allyn Young. This was where he completed his dissertation Cost, Value and Profit in 1916 which formed the basis of his later book Risk, Uncertainty, and Profit. Knight then joined the faculty of the University of Chicago where he eventually became chair of the Department of Economics. In this role, Knight was an early leader of what came to be known as the "first" Chicago school of economics. He was a prolific writer and had a great deal of influence on a generation of economists.

About this edition

• Publisher: Signalman Publishing
• Publication date: 2009
• ISBN 10: 0984061428
• ISBN 13: 9780984061426
• Binding: Paperback
• Number of pages: 260
• Editor: McClure John