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

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (Har Cover Image
$37.93
We can get this for you pretty soon!
(Sales are final on this one.)

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 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.


Product Details
ISBN: 9780359013074
ISBN-10: 0359013074
Publisher: Lulu.com
Publication Date: August 9th, 2018
Pages: 216
Language: English