Risk, Uncertainty and ProfitCosimo, Inc., 01 հնվ, 2005 թ. - 400 էջ We live in a world full of contradiction and paradox, a fact of which perhaps the most fundamental illustration is this: that the existence of a problem of knowledge depends on the future being different than the past, while the possibility of the solution of the problem depends on the future being like the past. -from Chapter XI: Uncertainty and Social Progress 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. |
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3 | |
THEORIES OF Profit ChanGE AND RISK | 22 |
THE THEORY OF CHOICE AND OF | 51 |
JOINT PRODUCTION AND CAPITALIZATION | 94 |
CHANGE AND PROGRESS WITH UNCER | 141 |
MINOR PREREQUISITES FOR PERFECT | 174 |
THE MEANING OF RISK AND UNCER | 197 |
STRUCTURES AND METHODS | 233 |
ENTERPRISE AND PROFIT | 264 |
ENTERPRISE AND PROFIT continued | 291 |
UNCERTAINTY AND SOCIAL PROGRESS | 313 |
SOCIAL ASPECTS OF UNCERTAINTY | 347 |
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actual alternatives amount assume assumption capital capitalization rate chapter classical economic commodity conduct connection consume consumption contract cost course curve decisions degree depends diminishing diminishing returns discussion distribution ditions duction ductive effect element enterprise entrepreneur equal equilibrium estimate exchange fact factors freedom of contract function fundamental future human important income increase individual industry interest investment involved J. S. Mill judgment justment knowledge labor large number law of large less limited loss matter means ment merely method monopoly moral hazard nature nomic operations organization owner ownership perfect competition persons possible practical present principle probability problem productive agencies productive services profit progress proportion question ratio relation result risk secure sense separate situation social society sort static sumption supply tendency theoretical things timate tion uncertainty utility wages wants wealth