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Introduction to the special issue on the Centenary of Frank H. Knight's Risk, Uncertainty, and Profit

Published online by Cambridge University Press:  28 July 2021

Per L. Bylund Open the ORCID record for Per L. Bylund [Opens in a new window]
Per L. Bylund*
Affiliation:
School of Entrepreneurship, Oklahoma State University, Stillwater, Oklahoma, USA
*
*Corresponding author. Email: [email protected]
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Abstract

Frank H. Knight's magnum opus Risk, Uncertainty, and Profit, published in 1921, is widely recognized for introducing and establishing the distinction between risk and uncertainty. It is also known for developing a novel theory of the firm and business profit based on entrepreneurial judgment. However, the work's relevance for institutionalism has only rarely been addressed or even acknowledged. This introduction to the special issue organized to celebrate the centenary of Knight's tome briefly summarizes the work's institutionalist implications and the articles that comprise the special issue.

Keywords

Frank H. KnightRisk, Uncertainty and Profit
Type
Introduction
Information
Journal of Institutional Economics , Volume 17 , Special Issue 6: Special Issue on the Centenary of Frank H. Knight's Risk, Uncertainty, and Profit , December 2021 , pp. 877 - 881
Copyright
Copyright © The Author(s), 2021. Published by Cambridge University Press on behalf of Millennium Economics Ltd.

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