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RISK, UNCERTAINTY, AND ENTREPRENEURIAL PROFIT: FRED M. TAYLOR AND FRANK H. KNIGHT

Published online by Cambridge University Press:  26 September 2024

Luca Fiorito  and
Charles R. McCann Jr.
Luca Fiorito
Affiliation:
Luca Fiorito: University of Palermo;
Charles R. McCann Jr.*
Affiliation:
Charles R. McCann, Jr.: Independent scholar, Pittsburgh, PA,
*
Email:[email protected]
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Abstract

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.

Type
Article
Information
Journal of the History of Economic Thought , First View , pp. 1 - 14
Copyright
© The Author(s), 2024. Published by Cambridge University Press on behalf of History of Economics Society

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Footnotes

We wish to thank Ross Emmett and two anonymous referees for comments on an earlier draft.

References

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