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, by Frank H. Knight
Get Free Ebook , by Frank H. Knight
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Product details
File Size: 1501 KB
Print Length: 450 pages
Publisher: Dover Publications (March 9, 2012)
Publication Date: February 10, 2012
Sold by: Amazon Digital Services LLC
Language: English
ASIN: B00A73AJDI
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This is a very academic textbook, suitable mostly for the undergraduate level in economics (I can not imagine an advanced degree candidate not already being familiar with Prof Knight's expositions not only having read Knight for themselves, but for the inclusion of Knight's work in other more up-to-date material). I had not read Knight before, notwithstanding that I have a BA degree in economics, but my studies were from the era of "early Samuelson". Knight treats his subject exhaustively because it was groundbreaking theory and practice in his time. A lot of progress has been made since then. I still find that there is not a lot of attention paid by journalists and even academics as to the important difference between RISK and UNCERTAINTY which bears upon PROFIT. For the uninformed, risk is measurable and uncertainty is not. Thus, risk can be accepted or declined (for instance by hedges or insurance) by the party at risk. Uncertainty offers no such alternative. That is why uncertainty in public policy, such as tax changes, regulatory action and entanglements with the judiciary are anathema to business. This results in an impediment to investment, and thus to growth of GDP. Congress does not seem to understand and no one points this out -- to the Congress or the public. We have almost total ignorance in one political party about the results of progressivism, which is dangerous all by itself.
This is one of the most important books on economics written in the 20th century. Frank Knight was tasked by his PhD advisor to sort out the differences between risk and uncertainty and how they related to entrepreneurship and firm management. He did. Nobody has surpassed this treatment in the century since Frank Knight penned it in 1917 as his doctoral dissertation. This is verbal treatment of the subject, not a mathematical treatise. The argument is sound, but often subtle. The current volume that I am reviewing is the sixth or seventh time I have read the book and, as always, I found something new to take away. I teach entrepreneurship to undergraduates and to graduate students and i enjoy bringing Knight's insights into the classroom.
This is a terrible reproduction. Large portions of the book are incomprehensible. This is a typical paragraph: "as has been argued, which forms the basis of a V jralid theory of profit and accounts for the divergence be* fcween actual and theoretical co mpetitijon"!
After reading Rita Gunther McGrath's "End of Strategy" and re-reading Drucker's "Innovation and Entrepreneurship" it became clear to me they are both talking about "uncertainty". Not the kind that can be quantified with a probability distribution (and hence insured against) but the kind that cannot. Which brought me to Frank Knight and his analysis of the relationship among risk, uncertainty and profits. It is an excellent book and very rewarding to read - but the early 20th century style of prose is hard to read and requires quite a bit of concentration.
Knight's book is, of course, a classic that every economist should read. But the Cosimo Classics ebook edition is poorly done, so I would recommend buying it in print.
Knight's Risk,Uncertainty and Profit(RUP) is a classic work ,especially with respect to Knight's analysis of the distinction between risk and uncertainty and the role each plays in the decision making calculus of the entreprenuer or the firm.For instance,Knight recognized that the negative impact of uncertainty could be reduced for those firms that were able to increase their size and get larger and larger over time.Advertising would allow firms to deal with the uncertainty of consumer responses to the introduction of new products over time ,as well as to changes in consumer preferences.Knight was the first to clearly recognize that economic profit is the return to the successful entreprenuer or owner of the firm to compensate them for the bearing of uncertainty.Knight's analysis of the connection between uncertainty and economic profit corrected the errors of Ricardo and Marx,who regarded economic profit as an unearned surplus .Keynes's integration of expected economic profit into the specification of his aggregate supply function,Z,where Z =P+wN(P equals expected economic profit),can be traced back to Knight's earlier discussions.It is strange that economists still are having trouble specifying Keynes's Z function nearly 70 years after the publication of the General Theory in 1936.However,Knight's theoretical analysis of uncertainty at both the micro and macro level is not as impressive as Schumpeter's analysis of uncertainty in his Theory of Economic Development(1912)or of the path breaking analysis of John Maynard Keynes in chapters 6 and 26 of the A Treatise on Probability(1921).In this latter book,Keynes operationalized a quantitative method of dealing with uncertainty(insufficient weight of the evidence,w)by means of his conventional coefficient of risk and weight,c.This coefficient allows a decision maker to incorporate uncertainty and nonadditive probabilities into a technical analysis of decision making.The only author who comes close to Keynes is D.Ellsberg with his practically identical index to measure ambiguity called rho.There are still some unanswered questions that can be asked in this area of economic thought.Why didn't Knight cite the earlier work of Joseph Schumpeter on the risk versus uncertainty distinction?Further,why didn't Keynes cite both Knight and Schumpeter in his chapters 12 ,17 and 22,where he discussed the issue of the effect of uncertainty on investment in new capital goods and on stock market speculation?
This is a masterwork of economic theory. I have read it a number of times and now am rereading it on my Oasis. It builds from a few simple assumptions, but the author constantly reminds us that it is a useful guide to examining the real world but is not a description of the real world.
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