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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. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. 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.
A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot
A comprehensive framework for assessing strategies for managing risk and uncertainty, integrating theory and practice and synthesizing insights from many fields
The public depends on competent risk assessment from the federal government and the scientific community to grapple with the threat of pollution. When risk repo
This is a major, and deeply thoughtful, contribution to understanding uncertainty and risk. Our world and its unprecedented challenges need such ways of thinkin
Both risk and uncertainty are neo-liberal concepts, which can be viewed as complementary techniques for governing diverse aspects of life, rather than natural s
