Risk, Uncertainty and Profit (1921)

by Frank H. Knight

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This revolutionary work taught the world how to systematically distinguish between risk -- randomness with knowable probabilities -- and uncertainty -- randomness with unknowable probabilities -- in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.… (more)

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http://pro-libertate.net/20140304/230-read-risk-uncertainty-and-profit (

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davdittrich | Feb 14, 2023 |

I believe I read this book the first time too hastily, and any rating I give it tentative. Still, an impressive and important book. (

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wirkman | Feb 22, 2007 |

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Dover Books on History, Political and Social Science

Reprints of Economic Classics

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1921

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This revolutionary work taught the world how to systematically distinguish between risk -- randomness with knowable probabilities -- and uncertainty -- randomness with unknowable probabilities -- in order to accurately and properly ascertain a venture's potential profitability. Knight's methodology served as the foundation of the Chicago School of Economics.

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