Risk, Uncertainty, and Profit
Book description
Risk, 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.
We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight…
Why read it?
1 author picked Risk, Uncertainty, and Profit as one of their favorite books. Why do they recommend it?
No author has had a greater impact on my thinking about entrepreneurship than Frank Knight.
He explained that entrepreneurs do not maximize anything, since the future is uncertain in a non-probabilistic sense. Instead they exercise judgment while facing an unknown future.
This book is divided into three parts. The first two parts read like a conventional economics textbook, but the third part is phenomenal. He explains why risk and uncertainty are different, which is a lesson that many economists and other social scientists still disregard.
From David's list on understanding how societies develop.
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