Risk, Uncertainty And Profit - Hardcover

Risk, Uncertainty and Profit is a classic book written by economist Frank Hyneman Knight, first published in 1921. The book is a comprehensive analysis of the concepts of risk and uncertainty in economics and business. The author argues that risk and uncertainty are two distinct concepts, and that the latter is the more important factor in economic decision-making.Knight's central thesis is that uncertainty is the fundamental driver of economic activity, and that it is the entrepreneur's ability to manage uncertainty that creates economic profit. He distinguishes between risk, which is a situation where the probabilities of outcomes are known, and uncertainty, where the probabilities are unknown. Knight argues that uncertainty is the more important of the two, as it creates the potential for profit.The book is divided into three parts. The first part defines the concepts of risk and uncertainty, and their relationship to profit. The second part examines the role of the entrepreneur in managing uncertainty, and how this leads to economic profit. The third part explores the implications of Knight's theory for economic policy.Overall, Risk, Uncertainty and Profit is a seminal work in the field of economics, and has had a significant impact on economic theory and policy. The book is still widely read and studied today, and is considered a must-read for anyone interested in the role of uncertainty in economic decision-making.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.