Risk, Uncertainty and Profit (Classic Reprint) - Hardcover

Frank H. Knight

Hardcover

ISBN 10: 1334998019 ISBN 13: 9781334998010

Publisher: Forgotten Books, 2018

Synopsis

Risk, Uncertainty, and Profit is a book about economics, and the distinction between risk and uncertainty. Knight defined uncertain situations as those in which the outcome was unknowable, whereas risky situations were those in which the outcome wa

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.

Edition details

• Publisher: Forgotten Books
• Publication date: 2018
• ISBN 10: 1334998019
• ISBN 13: 9781334998010
• Binding: Hardcover
• Language: English
• Number of pages: 397