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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Citation

Risk, Uncertainty, and Profit (Boston MA: Hart, Schaffner and Marx; Houghton Mifflin, 1921).

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James M. Buchanan (Author)

The founder of public choice theory, Buchanan was a student of Knight and adopted his critical approach to economics, particularly regarding the role of government.
Ronald H. Coase (Author)

While Coase developed the Coase Theorem, his work on transaction costs and institutional economics reflects Knight’s legacy, especially regarding uncertainty and property rights.
George J. Stigler ()

Another Chicago School economist influenced by Knight’s views on market structures and price theory.

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