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 |
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 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.