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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.
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.