Details
KNIGHT, Frank Hyneman (1885-1972). Risk, Uncertainty and Profit. Boston and New York: Houghton Mifflin Company, 1921. 8°. Diagrams. Original cloth (head and foot of spine a little bumped). Provenance: J.E. Reeves (bookplate) -- some underlining and a few side-notes in pencil.
FIRST EDITION, SIGNED BY THE AUTHOR on title. Risk, Uncertainty and Profit is Knight's first major work, written as a doctoral dissertation at Cornell in 1916. In it, Knight made his famous distinction between 'risk' (randomness with knowable probabilities) and 'uncertainty' (randomness with unknowable probabilities), set forth the role of the entrepreneur in a distinctive theory of profit and gave one of the earliest presentations of the the now-famous law of variable proportions in the theory of production.
FIRST EDITION, SIGNED BY THE AUTHOR on title. Risk, Uncertainty and Profit is Knight's first major work, written as a doctoral dissertation at Cornell in 1916. In it, Knight made his famous distinction between 'risk' (randomness with knowable probabilities) and 'uncertainty' (randomness with unknowable probabilities), set forth the role of the entrepreneur in a distinctive theory of profit and gave one of the earliest presentations of the the now-famous law of variable proportions in the theory of production.
Special notice
No VAT on hammer price or buyer's premium.