Description: "Risk, Uncertainty and Profit" is a 381 page (plus xiv), 5.25"x8.25" hardcover written by Frank H. Knight and published in 1921 by Houghton Mifflin Company (Boston and New York) as Hart, Schaffner & Marx Prize Essays XXXI. The scarce first edition of this important economics treatise, it's "the first work of any importance, and in any field of study, that deals explicitly with decision-making under conditions of uncertainty" (Bernstein, p. 219). In economics, immeasurable risk became known as "Knightean uncertainty." See below for a further synopsis. Knight gave this copy to his parents, Julia Ann and Winton Cyrus Knight. "W. C. Knight, Grand Junction, Colo." is stamped on the ffep and title page; the book comes from a family estate. It's in good condition, with no dust jacket. The original burgundy cloth boards show scattered moisture stains to the front and back, wear to the extremities, pushed-in top corners, a faint white stain to the foot of the spine. There are small handwritten marks to the ffep and back pastedown, pencil underlining and check marks to several entries in the list of contents, a smudge to the title page. Page 43 is bent at the bottom corner, and pages 209-216 are bent at the tip of the top corner. The binding is firm. Synopsis:A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler. Please see our other items where several more books from the Knight family estate, written by Frank Knight or his economist brother Bruce Winton Knight and gifted to immediate family members may still be available. International buyers – please note: Import duties, taxes, and charges aren't included in the item price or postage cost. These charges are the buyer's responsibility.Please check with your country's customs office to determine what these additional costs will be, prior to bidding or buying.
Price: 9200 USD
Location: Tucson, Arizona
End Time: 2024-12-27T01:25:35.000Z
Shipping Cost: 0 USD
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Item Specifics
Restocking Fee: No
Return shipping will be paid by: Buyer
All returns accepted: Returns Accepted
Item must be returned within: 30 Days
Refund will be given as: Money Back
Binding: Hardcover
Language: English
Special Attributes: 1st Edition
Author: Frank H. Knight
Publisher: Houghton Mifflin Company
Subject: Economics
