Risk, Uncertainty and Profit
E464977
Risk, Uncertainty and Profit is a foundational 1921 work in economics that distinguishes measurable risk from unmeasurable uncertainty and links entrepreneurial profit to bearing such uncertainty.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Risk, Uncertainty and Profit canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T4723025 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: Risk, Uncertainty and Profit Context triple: [Frank Knight, notableWork, Risk, Uncertainty and Profit]
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A.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
-
B.
The Positive Theory of Capital
The Positive Theory of Capital is a foundational work in Austrian economics that systematically analyzes the nature of capital, interest, and time preference in the production process.
-
C.
Epistemological Problems of Economics
Epistemological Problems of Economics is a work by Ludwig von Mises that examines the philosophical foundations and methodological principles underlying economic science, particularly within the Austrian School tradition.
-
D.
Theory of Games and Economic Behavior
Theory of Games and Economic Behavior is a foundational 1944 book by John von Neumann and Oskar Morgenstern that established game theory as a rigorous mathematical framework for analyzing strategic decision-making in economics.
-
E.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: Risk, Uncertainty and Profit Target entity description: Risk, Uncertainty and Profit is a foundational 1921 work in economics that distinguishes measurable risk from unmeasurable uncertainty and links entrepreneurial profit to bearing such uncertainty.
-
A.
The Scope and Method of Economic Science
The Scope and Method of Economic Science is a foundational work in economic methodology that examines the proper aims, limits, and scientific status of economics as a discipline.
-
B.
The Positive Theory of Capital
The Positive Theory of Capital is a foundational work in Austrian economics that systematically analyzes the nature of capital, interest, and time preference in the production process.
-
C.
Epistemological Problems of Economics
Epistemological Problems of Economics is a work by Ludwig von Mises that examines the philosophical foundations and methodological principles underlying economic science, particularly within the Austrian School tradition.
-
D.
Theory of Games and Economic Behavior
Theory of Games and Economic Behavior is a foundational 1944 book by John von Neumann and Oskar Morgenstern that established game theory as a rigorous mathematical framework for analyzing strategic decision-making in economics.
-
E.
On the Theory of Economic Policy
On the Theory of Economic Policy is a foundational work in economics by Jan Tinbergen that systematically analyzes how governments can design and coordinate economic policies using formal models and quantitative methods.
- F. None of above. chosen
Statements (47)
| Predicate | Object |
|---|---|
| instanceOf |
book
ⓘ
economics book ⓘ non-fiction book ⓘ |
| academicDiscipline |
business economics
ⓘ
microeconomics ⓘ |
| arguesThat | profit is a reward for bearing uncertainty ⓘ |
| associatedWith | Knightian uncertainty ⓘ |
| author |
Frank H. Knight
NERFINISHED
ⓘ
Frank Knight NERFINISHED ⓘ |
| citedBy |
economic theorists of the firm
ⓘ
risk management scholars ⓘ |
| claims | only uncertainty leads to entrepreneurial profit ⓘ |
| countryOfOrigin |
United States of America
ⓘ
surface form:
United States
|
| describes | distinction between risk and uncertainty ⓘ |
| distinguishes |
measurable risk
ⓘ
unmeasurable uncertainty ⓘ |
| examines |
long-run normal profit
ⓘ
monopoly and competition ⓘ profit in competitive equilibrium ⓘ role of the entrepreneur ⓘ |
| firstPublishedIn | United States NERFINISHED ⓘ |
| focusesOn |
competitive markets
ⓘ
imperfect knowledge ⓘ |
| genre |
economic theory
ⓘ
political economy ⓘ |
| hasPart |
analysis of entrepreneurial function
ⓘ
discussion of insurance and risk ⓘ theoretical analysis of perfect competition ⓘ |
| influenced |
Austrian economics
NERFINISHED
ⓘ
Chicago school of economics NERFINISHED ⓘ entrepreneurship theory ⓘ modern risk theory ⓘ theory of the firm ⓘ |
| introducesConcept | Knightian uncertainty ⓘ |
| language | English ⓘ |
| mainSubject |
economic theory
ⓘ
economics ⓘ entrepreneurship ⓘ profit ⓘ risk ⓘ uncertainty ⓘ |
| notableFor |
formalizing the concept of uncertainty in economics
ⓘ
linking profit to uncertainty-bearing ⓘ |
| publicationYear | 1921 ⓘ |
| publisher | Houghton Mifflin NERFINISHED ⓘ |
| usedIn |
entrepreneurship studies
ⓘ
graduate economics education ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: Risk, Uncertainty and Profit Description of subject: Risk, Uncertainty and Profit is a foundational 1921 work in economics that distinguishes measurable risk from unmeasurable uncertainty and links entrepreneurial profit to bearing such uncertainty.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.