Risk, Uncertainty, and Entrepreneurial Profit

Frank H. Knight is rightly regarded as having identified the distinction between risk and uncertainty and their respective roles in the entrepreneurial process in his 1921 Risk, Uncertainty, and Profit. Less well appreciated is his recognition of the work of Fred Manville Taylor in this work, even though throughout Knight made several laudatory references to Taylor’s Principles. This article will examine through the various editions of Taylor’s textbook parallels between Taylor and Knight in their respective understandings of the risk-uncertainty distinction and the emphasis each placed on the role of the entrepreneur

Economics · Knight · Neoclassical economics · Operations management · Parallels · Physics · Positive economics · Corporate Finance and Governance · Economic Theory and Institutions

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