Risk, Uncertainty And Profit

Risk, Uncertainty and Profit is a classic book written by Frank Hyneman Knight, an American economist, in 1921. The book is an in-depth analysis of the concepts of risk and uncertainty in economics and their impact on profit. Knight argues that while risk can be quantified and managed, uncertainty is inherent in economic decision-making and cannot be eliminated. He explains how entrepreneurs, who are willing to take on uncertainty, are the driving force behind economic progress and innovation. The book is divided into four parts. The first part defines risk and uncertainty and distinguishes between the two. The second part explores the role of the entrepreneur in managing uncertainty and how this affects profit. The third part discusses the implications of Knight's theory for economic policy and the fourth part provides a summary of the main arguments presented in the book.Knight's ideas have had a profound impact on economic thought and have been influential in the development of modern economics. Risk, Uncertainty and Profit is a seminal work that is still relevant today and is essential reading for anyone interested in the study of economics and entrepreneurship.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.