Risk, Uncertainty and Profit

New Edition

Frank Knight

April 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.

Industrial Organization in the Sixteenth and Seventeenth Centuries

New Edition

George Unwin

ISBN: 978-1-62273-002-5
Availability: Available 4 weeks
150pp. ¦ $22 £18 €20

Unwin charts and explains the course of industrial transformation that occurred in England during the 16th and 17th centuries. The volume treats topics such as business organization and the rise of the corporation, the accumulation of productive capital and its control by a small number of entrepreneurs as well as the rise of modern finance and trade unions. But Unwin goes beyond a mere history industrial organisation, tracing the evolution of modern industrial classes and demonstrating that the emergence of distinct social classes in their modern form was closely associated with the division of labor. The result is an all-time economic history classic and required reading for students of economic history. 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.

Samuel Oldknow and the Arkwrights (New Edition)

The Industrial Revolution at Stockport and Marple

George Unwin

ISBN: 978-1-62273-003-2
Availability: In stock
140pp. ¦ $22 £18 €20

This is the story of the Industrial Revolution told from the perspective of Samuel Oldknow one of Britain’s most successful entrepreneurs. A fortuitous discovery in the ruins of a cotton mill in 1921 brought to light a mass of letters and account books, deep in dirt and soiled with rain. It is from this material that Unwin produced his now classic account of the Lancashire cotton industry, perhaps as close as one can get to a barometer of the wider economic transformation that rendered Britain the industrial powerhouse of the world. 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.

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