Risk, Uncertainty, and Profit - Frank H. Knight

Descriere & specificații

n nRisk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified.n n nn nWe begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty.n n nn nRisks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.n n nn nFor Knight, the larger business is able to mitigate the inherent uncertainties of, for example, launching a new product. Their financial resources are superior, and they can invest in market research and advertising, that a product may avoid failure and go on to deliver a profit for the company. Smaller companies and individual entrepreneurs therefore bear greater risks, but may reap proportionally greater rewards if their business eventually profits.n n nn nKnight goes on to make the stunning observation that entrepreneurs and businesses receive monetary comp

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