The Resource Risk, uncertainty and profit, Frank H. Knight

Risk, uncertainty and profit, Frank H. Knight

Label
Risk, uncertainty and profit
Title
Risk, uncertainty and profit
Statement of responsibility
Frank H. Knight
Creator
Subject
Genre
Language
eng
Summary
One of the twentieth century's most influential economics texts, Risk, Uncertainty and Profit provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. This revolutionary work taught the world how to systematically distinguish between risk (randomness with knowable probabilities), and uncertainty (randomness with unknowable probabilities), in order to accurately and properly ascertain a venture's potential profitability. Author Frank H. Knight's methodology served as the foundation of the Chicago School of Economics, maintaining that competition in a free market economy is the best method for achieving economic health. In this 1921 book, Knight explains why perfect competition would not necessarily eliminate profits, because of "uncertainty," rather than "risk." He contends that even in long-run equilibrium, entrepreneurs would earn profits as a return for their toleration of uncertainty. Knight's reasoning remains valid in the twenty-first century, and his definitions of risk and uncertainty continue to be taught in modern economics classes. Sociologist Edward Shils declared Risk, Uncertainty and Profit "a brilliant book," noting its interest not only to economists but also to social philosophers, sociologists, game theorists, and other specialists in social science
Member of
Cataloging source
Midwest
http://bibfra.me/vocab/lite/collectionName
hoopla (Digital media service)
http://library.link/vocab/creatorDate
1885-1972
http://library.link/vocab/creatorName
Knight, Frank H.
Dewey number
338.5
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/subjectName
  • Profit
  • Uncertainty
  • Risk
Target audience
adult
Label
Risk, uncertainty and profit, Frank H. Knight
Link
Instantiates
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier.
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
MWT11605751
Dimensions
unknown
Extent
1 online resource.
Form of item
  • online
  • electronic
Governing access note
Digital content provided by hoopla
Isbn
9780486147932
Media category
computer
Media MARC source
rdamedia.
Media type code
  • c
Publisher number
MWT11605751
Specific material designation
remote
Stock number
11605751
System details
Mode of access: World Wide Web
Label
Risk, uncertainty and profit, Frank H. Knight
Link
Publication
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier.
Color
multicolored
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent.
Control code
MWT11605751
Dimensions
unknown
Extent
1 online resource.
Form of item
  • online
  • electronic
Governing access note
Digital content provided by hoopla
Isbn
9780486147932
Media category
computer
Media MARC source
rdamedia.
Media type code
  • c
Publisher number
MWT11605751
Specific material designation
remote
Stock number
11605751
System details
Mode of access: World Wide Web

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