Risk, Uncertainty and Profit, published in 1921, is a founding text of the Chicago School of economics. Frank Knight distinguished risk, a possible outcome whose probability can be measured, from uncertainty, a possible outcome whose probability cannot be meaningfully measured at all, and argued that genuine entrepreneurial profit rewards bearing this second, unmeasurable kind of uncertainty.
Facts
AuthorFrank Knight
Publication Year1921
Source Typeprimary-text
Sources
Risk, Uncertainty and Profit
Frank Knight, 1921
Claims Backed By This Source (9 claims)
This source backs 9 claims across the atlas. As facts: 6 well-attested. As cited relationships: 1 holds. Plus 2 entities citing it as a general reference with no single fact or relationship attached.
Disposition By Topic
- Sources, 4 claims: 4 well-attested.
- Schools of Thought, 3 claims: 2 well-attested, 1 general references.
- Economists, 2 claims: 1 holds, 1 general references.
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