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A timeless classic of economic theory that remains fascinating and pertinent today, this is Frank Knight's famous explanation of why perfect competition cannot eliminate profits, the important differences between "risk" and "uncertainty," and the vital role of the entrepreneur in profitmaking. Based on Knight's PhD dissertation, this 1921 work, balancing theory with fact to come to stunning insights, is a distinct pleasure to read. FRANK H. KNIGHT (1885-1972) is considered by some the greatest American scholar of economics of the 20th century. An economics professor at the University of Chicago from 1927 until 1955, he was one of the founders of the Chicago school of economics, which influenced Milton Friedman and George Stigler.
Professor Dreze is a highly respected mathematical economist and econometrician. This book brings together some of his major contributions to the economic theory of decision making under uncertainty, and also several essays. These include an important essay on 'Decision theory under moral hazard and state dependent preferences' that significantly extends modern theory, and which provides rigorous foundations for subsequent chapters. Topics covered within the theory include decision theory, market allocation and prices, consumer decisions, theory of the firm, labour contracts, and public decisions.
A call for a new form of democracy in which “hybrid forums” composed of experts and laypeople address such sociotechnical controversies as hazardous waste, genetically modified organisms, and nanotechnology. Controversies over such issues as nuclear waste, genetically modified organisms, asbestos, tobacco, gene therapy, avian flu, and cell phone towers arise almost daily as rapid scientific and technological advances create uncertainty and bring about unforeseen concerns. The authors of Acting in an Uncertain World argue that political institutions must be expanded and improved to manage these controversies, to transform them into productive conversations, and to bring about “technical democracy.” They show how “hybrid forums”—in which experts, non-experts, ordinary citizens, and politicians come together—reveal the limits of traditional delegative democracies, in which decisions are made by quasi-professional politicians and techno-scientific information is the domain of specialists in laboratories. The division between professionals and laypeople, the authors claim, is simply outmoded. The authors argue that laboratory research should be complemented by everyday experimentation pursued in the real world, and they describe various modes of cooperation between the two. They explore a range of concrete examples of hybrid forums that have dealt with sociotechnical controversies including nuclear waste disposal in France, industrial waste and birth defects in Japan, a childhood leukemia cluster in Woburn, Massachusetts, and mad cow disease in the United Kingdom. The authors discuss the implications for political decision making in general and describe a “dialogic” democracy that enriches traditional representative democracy. To invent new procedures for consultation and representation, they suggest, is to contribute to an endless process that is necessary for the ongoing democratization of democracy.
These essays are for Americans concerned about the future of our country and for policy wonks. By and large, the political process is controlled by those who take an intertest in politics, large in number but small as a percent of population. Are you a member of the political class? Membership is voluntary. Our first 800 years of thinking: science culture and empathy from the Enlightenment ~1600 to ~ 2400 The Crisis of the Anthropocene: The most comprehensive description of all issues of the crisis in less than 100 pages. For the purpose of going through your mind to influence your brain. Musings on our Present Discontent: America, not advanced, not a democracy. Right to life for baby; right to choose for mom. Taxation. The security of a free state. Issues not discussed. The threat from within, Trumpism. The threat from without: Putinism. How to participate. Renewal.
Recent events in international financial markets have revived the scientific interest in conceivable institutional alternatives to prevailing monetary arrangements. In the essays reprinted in this book, the author critically examines some of the more influential arguments which have been made in favour of decentralization in banking.
Innovation is how businesses stay ahead of the competition and adapt to market conditions that change in unpredictable and uncertain ways. In the first decade of the twenty-first century, high-end cuisine underwent a profound transformation. Once an industry that prioritized consistency and reliability, it turned into one where constant change was a competitive necessity. A top restaurant’s reputation and success have become so closely bound up with its ability to innovate that a new organizational form, the culinary research and development team, has emerged. The best of these R&D teams continually expand the frontiers of food—they invent a constant stream of new dishes, new cooking processes and methods, and even new ways of experiencing food. How do they achieve this nonstop novelty? And what can culinary research and development teach us about how organizations innovate? Vaughn Tan opens up the black box of elite culinary R&D to provide essential insights. Drawing on years of unprecedented access to the best and most influential culinary R&D teams in the world, he reveals how they exemplify what he calls the uncertainty mindset. Such a mindset intentionally incorporates uncertainty into organization design rather than simply trying to reduce risk. It changes how organizations hire, set goals, and motivate team members and leads organizations to work in highly unconventional ways. A revelatory look at the R&D kitchen, The Uncertainty Mindset upends conventional wisdom about how to organize for innovation and offers practical insights for businesses trying to become innovative and adaptable.