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Risk, Uncertainty and Profit
New EditionApril 2016 / ISBN: 978-1-62273-004-9
Availability: In stock
330pp. ¦ $60 £45 €55
In Risk, Uncertainty and Profit, Frank Knight explored the riddle of profitability in a competitive market: profit should not be possible under competitive conditions, as the entry of new entrepreneurs would drive prices down and nullify margins, however evidence abounds of competitive yet profitable markets. To explain this seeming paradox, Knight uncovers the distinction between calculable risk and essentially unknowable uncertainty. Knight argued that risk stems from repeated events, which therefore allow probabilities to be calculated and factored into decisions, as for instance insurers do. Uncertainty however, stems from events that are unpredictable and as such cannot be prepared against. According to Knight, it is the interplay between risk and uncertainty on the one hand and competition between incumbent and new entrepreneurs that accounts for the enormous variation in profitability across firms and, for the same firms, over time. His insights on the sources of profit have been instrumental in shaping modern economic theory and to the development of a useful understanding of probability. This New Edition has been typeset with modern techniques and contains a newly compiled Index of important topics. It has been painstakingly proofread to ensure that it is free from errors and that the content is faithful to the original.
New EditionAugust 2014 / ISBN: 978-1-62273-005-6
Availability: In stock
304pp. ¦ $28 £20 €25
Industrial Evolution is Karl Bucher's most important book, and the foundational study of non-market (exchange and gift) economics. The book deals with the historical evolution of economic and industrial organization, with the transition from handicrafts to manufacturing, the rise of trade unionism and urban migration. This new edition is based on the third German edition of Bucher's original Entstehung der Volkswirtschaft and draws on the acclaimed translation by S. Morley Wickett, PhD. This new edition has been professionally typeset from the 1901 English original and includes a comprehensive index.
A Plan of the English Commerce
New EditionJuly 2014 / ISBN: 978-1-62273-001-8
Availability: In stock
187pp. ¦ $28 £20 €25
A Plan of the English Commerce is a rare piece of economic history covering the crucial period at the outset of the first Industrial Revolution and the early wave of globalization. Unlike other chroniclers of British economic development, Defoe was contemporary to and often had first-hand experience of important events. His account therefore offers an extraordinary vantage point, free from the distorting lens of modern theoretical explanations. An account rich in anecdotes and penetrating observations, Defoe’s work emphasizes neglected aspects of the world economy at the time, such as the interplay between industrial policy and international trade. Defoe argues that, under the Tudors, British industry developed under a heavily protected regime. Contrary to widespread belief, export controls, infant-industry subsidies, government-sponsored industrial espionage and aggressive technology transfer were routine. A Plan of the English Commerce is principal among Daniel Defoe’s works dealing with economic matters and remains of interest not only to economic historians but also to scholars concerned with economic development, international trade and industrial policy. This New Edition has been typeset with modern techniques and contains a newly compiled Index of important topics. Aiming for visual clarity and the minimization of redundancy, the New Edition drops the largely arbitrary italicization of words and applies a modern formatting style to the rudimentary tables found in the original. It has been painstakingly proofread to ensure that it is free from errors and that the content is faithful to the original, down to the unusually long chapter headings.
Women in Industry
A Study in American Economic HistoryApril 2014 / ISBN: 978-1-62273-000-1
Availability: In stock
304pp. ¦ $30 £22 €27
Women in Industry is a critical examination of labor history of women in the United States from colonial times to the turn of the 20th century. Since its first publication a century ago, it has received hundreds of citations and had a formative influence in fields as diverse as labor history, gender studies, and economic history methodology. Women in Industry examines working conditions, wages and other forms of compensation across industries and professions. While firmly rooted in economics, Abbott does not overlook the social causes and implications of shifting patterns of female employment nor the organized opposition such changes attracted by established interests. Using masses of carefully compiled evidence, Abbott's work forcefully made the point that, contrary to popular belief, women did not suddenly replace men in industrial employment sometime in the 19th century. Rather, women and children were a regular and prominent feature of American industries in general and manufacturing in particular. Forming the first comprehensive account of female employment in a developing manufacturing economy, Abbott's extensive primary research and dispassionate interpretation make this essential reading for students of economic history. Academically rigorous yet accessible, Women in Industry remains unsurpassed in the reach of its coverage and the depth of its scholarship: It is fairly recognized as a timeless work and a source of inspiration for contemporary economic historians everywhere.