{"product_id":"risk-uncertainty-and-profit-dover-books-on-history-political-and-social-science","title":"Risk, Uncertainty and Profit (Dover Books on History, Political and Social Science)","description":"One of the twentieth century's most influential economics texts, Risk, Uncertainty and Profit provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. 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.\nAuthor Frank H. Knight's methodology served as the foundation of the Chicago School of Economics, maintaining that competition in a free market economy is the best method for achieving economic health. In this 1921 book, Knight explains why perfect competition would not necessarily eliminate profits, because of \"uncertainty,\" rather than \"risk.\" He contends that even in long-run equilibrium, entrepreneurs would earn profits as a return for their toleration of uncertainty. Knight's reasoning remains valid in the twenty-first century, and his definitions of risk and uncertainty continue to be taught in modern economics classes.\nSociologist Edward Shils declared Risk, Uncertainty and Profit \"a brilliant book,\" noting its interest not only to economists but also to social philosophers, sociologists, game theorists, and other specialists in social science.\u003cbr\u003eASIN: 0486447758\u003cbr\u003eVSKU: DBV.0486447758.G\u003cbr\u003eCondition: Good\u003cbr\u003eAuthor\/Artist:Knight, Frank H.\u003cbr\u003eBinding: Paperback\u003cbr\u003e\u003cb\u003eNote:\u003c\/b\u003e Any images shown are stock photographs and product may differ from what is shown.  \u003cbr\u003e\u003cb\u003eCondition Notes\u003c\/b\u003e: Gently used with minimal wear on the corners and cover. A few pages may contain light highlighting or writing, but the text remains fully legible. Dust jacket may be missing, and supplemental materials like CDs or codes may not be included. May be ex-library with library markings. Ships promptly!  \u003cbr\u003e","brand":"Dream Books Co.","offers":[{"title":"Default Title","offer_id":41915391737914,"sku":"DBV.0486447758.G","price":10.74,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0555\/6011\/0138\/files\/0486447758-0.jpg?v=1794364169","url":"https:\/\/shop.dreambooksco.com\/products\/risk-uncertainty-and-profit-dover-books-on-history-political-and-social-science","provider":"Dream Books Co.","version":"1.0","type":"link"}