Risk, Uncertainty And Profit

Risk, Uncertainty and Profit is a classic book written by Frank Hyneman Knight, an American economist and professor at the University of Chicago. The book was first published in 1921 and is considered one of the most influential works on economics and decision-making.The book explores the concepts of risk and uncertainty in economic decision-making and argues that these two factors are crucial in determining the success or failure of businesses and individuals. Knight distinguishes between risk, which can be measured and quantified, and uncertainty, which cannot be measured or predicted.Knight also introduces the concept of profit as a reward for taking on uncertainty and risk. He argues that entrepreneurs who are willing to take on uncertainty and risk are rewarded with profits, while those who avoid risk and uncertainty are not.Throughout the book, Knight provides numerous examples and case studies to illustrate his points, ranging from the stock market to agriculture. He also discusses the role of government in managing risk and uncertainty, arguing that government intervention can often lead to unintended consequences.Overall, Risk, Uncertainty and Profit is a seminal work on economics and decision-making that continues to be studied and referenced today. It is a must-read for anyone interested in understanding how risk and uncertainty shape our economy and our lives.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.