Risk, Uncertainty and Profit

This revolutionary work taught the world how to systematically distinguish between risk - randomness with knowable probabilities - and uncertainty - randomness with unknowable probabilities - in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

Preface to the First Edition

ix

Preface to the 1933 Edition

xiii

Preface to the 1948 Edition

xxxix

Preface to the 1957 Edition

iv

PART ONE INTRODUCTORY

The Place Of Profit And Uncertainty In Economic Theory

3

(19)

Theories Of Profit; Change And Risk In Relation To Profit

22

(29)

PART TWO PERFECT COMPETITION

The Theory Of Choice And Of Exchange

51

(43)

Joint Production And Capitalization

94

(47)

Change And Progress With Uncertainty Absent

141

(33)

Minor Prerequisites For Perfect Competition

174

(23)

PART THREE IMPERFECT COMPETITION THROUGH RISK AND UNCERTAINTY

The Meaning Of Risk And Uncertainty

197

(36)

Structures And Methods For Meeting Uncertainty

233

(31)

Enterprise And Profit

264

(27)

Enterprise And Profit (continued) The Salaried Manager

291

(22)

Uncertainty And Social Progress

313

(34)

Social Aspects Of Uncertainty And Profit

347

(30)

Index

377

What is included with this book?

The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.

The Used, Rental and eBook copies of this book are not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.

FREE SHIPPING

Amazon no longer offers textbook rentals. We do!

Risk, Uncertainty and Profit

Summary

Table of Contents

Supplemental Materials