We live in a world full of contradiction and paradox, a fact of
which perhaps the most fundamental illustration is this: that the
existence of a problem of knowledge depends on the future being
different than the past, while the possibility of the solution of
the problem depends on the future being like the past. -from
Chapter XI: Uncertainty and Social Progress 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.
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