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portada Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (in English)
Type
Physical Book
Publisher
Author
Year
2018
Language
English
Pages
214
Format
Paperback
ISBN13
9780359013081
Categories

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (in English)

Frank H. Knight (Author) · Lulu.Com · Paperback

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (in English) - Frank H. Knight

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Synopsis "Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (in English)"

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 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. Risks 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.

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