Risk, Uncertainty, and Profit
This careful work investigating the nature of profits also includes material on the institutional structure of firms and the distribution of residuals, particularly in Part III, Chapter IX-X. It contains an interesting discussion of the difference between risk and uncertainty.
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Risk, Uncertainty, and Profit (Boston MA: Hart, Schaffner and Marx; Houghton Mifflin, 1921).
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The text is in the public domain.
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- Author: Frank H. Knight
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Table of Contents
- CONTENTS
- Preface
- Econlib Editor's Notes
- Author's Preface
- Part I: INTRODUCTORY
- Part I, Chapter I: The Place of Profit and Uncertainty in Economic Theory
- Part I, Chapter II: Theories of Profit;13 Change and Risk in Relation to Profit
- Part II: PERFECT COMPETITION
- Part II, Chapter III: The Theory of Choice and of Exchange
- Part II, Chapter IV: Joint Production and Capitalization
- Part II, Chapter V: Change and Progress with Uncertainty Absent
- Part II, Chapter VI: Minor Prerequisites for Perfect Competition
- Part III: IMPERFECT COMPETITION THROUGH RISK AND UNCERTAINTY
- Part III, Chapter VII: The Meaning of Risk and Uncertainty
- Part III, Chapter VIII: Structures and Methods for Meeting Uncertainty
- Part III, Chapter IX: Enterprise and Profit
- Part III, Chapter X: Enterprise and Profit (continued) The Salaried Manager
- Part III, Chapter XI: Uncertainty and Social Progress
- Part III, Chapter XII: Social Aspects of Uncertainty and Profit
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