Risk, Uncertainty, and Profit

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 c...