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

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.