Risk, Uncertainty and Profit - Hardcover

Knight, Frank Hyneman

Hardcover

ISBN 10: 1498156592 ISBN 13: 9781498156592

Publisher: Literary Licensing, LLC, 2014

Synopsis

Risk, Uncertainty And Profit is a book written by Frank Hyneman Knight, an American economist, and published in 1921. The book is considered a classic in the field of economics and is widely regarded as one of the most important works on the theory of entrepreneurship.In the book, Knight distinguishes between risk and uncertainty, arguing that risk can be quantified and managed through the use of probability theory, while uncertainty cannot. He argues that entrepreneurs are able to profit from uncertainty by making decisions based on their own judgment and personal experience, rather than relying solely on statistical analysis.Knight also explores the role of competition in the market, arguing that it is necessary for economic growth and innovation. He discusses the concept of perfect competition and the limitations of this model in the real world, as well as the importance of monopolies and the potential for abuse of market power.Overall, Risk, Uncertainty And Profit provides a comprehensive analysis of the nature of entrepreneurship and the role it plays in the economy. The book remains relevant today and is widely cited by economists and business scholars.This Is A New Release Of The Original 1921 Edition.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.

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 Hyneman Knight (1885-1972) was one of the original founders of the Chicago School of Economics. He was Morton D. Hall Distinguished Service Professor, Emeritus, of Social Science and Philosophy and was most famous for his work on the distinction between economic risk and uncertainty. He is the author of many works, including Risk, Uncertainty, and Profit; Intelligence and Democratic Action; and Freedom and Reform.

Edition details

• Publisher: Literary Licensing, LLC
• Publication date: 2014
• Language: English
• ISBN 10: 1498156592
• ISBN 13: 9781498156592
• Binding: Hardcover
• Number of pages: 408