{"product_id":"risk-uncertainty-and-profit-9780486447759","title":"Risk, Uncertainty and Profit","description":"One of the twentieth century's most influential economics texts, \u003ci\u003eRisk, Uncertainty and Profit\u003c\/i\u003e 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.\u003cbr\u003eAuthor 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.\u003cbr\u003eSociologist Edward Shils declared \u003ci\u003eRisk, Uncertainty and Profit\u003c\/i\u003e \"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\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e \u003ca href=\"https:\/\/sureshotbooks-com.myshopify.com\/search?type=product%2Carticle%2Cpage\u0026amp;q=AUTH-1287122\"\u003eFrank H. Knight\u003c\/a\u003e\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Dover Publications\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 03\/17\/2006\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 381\u003cbr\u003e\u003cb\u003eBinding Type:\u003c\/b\u003e Paperback\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.01lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 8.54h x 6.38w x 0.88d\u003cbr\u003e\u003cb\u003eISBN13:\u003c\/b\u003e 9780486447759\u003cbr\u003e\u003cb\u003eISBN10:\u003c\/b\u003e 0486447758\u003cbr\u003e\u003cb\u003eBISAC Categories:\u003c\/b\u003e\u003cbr\u003e- \u003ca href=\"https:\/\/sureshotbooks-com.myshopify.com\/search?type=product%2Carticle%2Cpage\u0026amp;q=CAT-BUS\"\u003eBusiness \u0026amp; Economics\u003c\/a\u003e | \u003ca href=\"https:\/\/sureshotbooks-com.myshopify.com\/search?type=product%2Carticle%2Cpage\u0026amp;q=BISAC-BUS044000\"\u003eEconomics | Microeconomics\u003c\/a\u003e\u003cbr\u003e\u003cp\u003e\u003ci\u003eThis title is not returnable\u003c\/i\u003e\u003cbr\u003e\u003c\/p\u003e","brand":"Dover Publications","offers":[{"title":"Default Title","offer_id":42681725616365,"sku":"9780486447759","price":17.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0550\/8097\/6621\/products\/img_f23f3646-1aa4-4de2-b0fd-fe85399f8f26.jpg?v=1649712192","url":"https:\/\/sureshotbooks.com\/products\/risk-uncertainty-and-profit-9780486447759","provider":"SureShot Books Publishing LLC","version":"1.0","type":"link"}