Risk Uncertainty and Profit
| Author | : | |
| Rating | : | 4.15 (520 Votes) |
| Asin | : | 1614276390 |
| Format Type | : | paperback |
| Number of Pages | : | 394 Pages |
| Publish Date | : | 2014-12-13 |
| Language | : | English |
DESCRIPTION:
An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. FRANK H.
The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and operating. Knightian uncertainty is named after University of Chicago economist Frank Knight (1885-1972), who distinguished risk and uncertainty in his work "Risk, Uncertainty, and Profit": "Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated. In economics, "Knightian uncertainty" is risk that is immeasurable, impossible to calculate. It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all." Knight's works remains a classic text to this day.. 2014 Reprint of 1921 Edition. Full facsimile of the original edition, not reproduced with Optical Recognition Software
REW said Still the best treatment of uncertainty for management and entrepreneurship. This is one of the most important books on economics written in the "Still the best treatment of uncertainty for management and entrepreneurship" according to REW. This is one of the most important books on economics written in the 20th century. Frank Knight was tasked by his PhD advisor to sort out the differences between risk and uncertainty and how they related to entrepreneurship and firm management. He did. Nobody has surpassed this treatment in the century since Frank Knight penned it in 1917 as his doctoral dissertation. This is verbal treatment of the subject, not a mathematical treatise. The argument is sound, but often subtle. The curren. 0th century. Frank Knight was tasked by his PhD advisor to sort out the differences between risk and uncertainty and how they related to entrepreneurship and firm management. He did. Nobody has surpassed this treatment in the century since Frank Knight penned it in 1917 as his doctoral dissertation. This is verbal treatment of the subject, not a mathematical treatise. The argument is sound, but often subtle. The curren. A Customer said Explains everything.. I have to admit this was a hard book to read. Partly because of the old fashioned language, but largely because it challenges popular beliefs that have continued to plague economics since the time of this writing almost a century ago.The mental rigor demonstrated by the author is extraordinary in presenting a working model of the social world we live in; tying economics, epistemology and politics together.This is not light-reading, but the effort is justified for anyone interested in th. Excellent background material for a strategist - but hard reading A. (Saied) Seghatoleslami After reading Rita Gunther McGrath's "End of Strategy" and re-reading Drucker's "Innovation and Entrepreneurship" it became clear to me they are both talking about "uncertainty". Not the kind that can be quantified with a probability distribution (and hence insured against) but the kind that cannot. Which brought me to Frank Knight and his analysis of the relationship among risk, uncertainty and profits. It is an excellent book and very rewarding to read - but the early 20th century sty
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.