Risk, Uncertainty and Profit (Classic Reprint) - Softcover

Frank H. Knight

Softcover

ISBN 10: 1440084726 ISBN 13: 9781440084720

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 was determined by probability distributions that could be evaluated at the outset. The book is divided into twelve chapters, each of which focuses on a different aspect of Knight's theory. Specific chapters are devoted to the place of profit and uncertainty in economic theory, the theory of choice and exchange, structures and measured for meeting uncertainty, and the social aspects of uncertainty, amongst other topics.

Frank Knight was a talented economist and a skilled writer. His work in Risk, Uncertainty, and Profit surely marks the highpoint of his career and serves as the clearest declaration of his economic philosophies. Both the layman and the keen student of economics will find much to appreciate in this work. Knight spent much of his academic career at the University of Chicago and this title builds on the work Knight completed for his Ph.D. dissertation.

Risk, Uncertainty, and Profit is a thoughtful and influential treatise on the subjects of risk and uncertainty. Knight's work should be considered a must read for passionate students of economics, as well as any individual curious about how the economy functions on both a macro and micro level.

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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: Forgotten Books
• Publication date: 2018
• ISBN 10: 1440084726
• ISBN 13: 9781440084720
• Binding: Paperback
• Number of pages: 399