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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.
The pursuit of profit by business motivates the capitalist economic system. Understanding profits, therefore, especially the source of profits, is essential to an understanding of capitalism. Mark Obrinsky claims that there has never been an adequate profit theory in mainstream economics. To find the source of profits, he argues, one needs to look beyond ownership of the productive factors of land, labor, and capital. Profit Theory and Capitalism makes a sharply reasoned and accessible contribution to critical theory, the history of economic thought, and post-Keynesian theory. Its insights will be of value to all students and theorists working in the area of income distribution.
THEORY OF PROFIT WITH ISLAMIC DIRECTIONS deals with a controversial and neglected, but nonetheless important subject. Readers will find the narration interesting and innovative, for it does not discuss profit theories of various writers separately in chronological order; instead, it identifies issues in the area and analyses the views of various writers on each to propose restructuring of the theory as per Islamic directions. The issues raised include the definition and seat of profit, the cause of its emergence and sources, the motivational aspects and their impact on allocation of resources and incomes distribution, the nature of profit and the regulatory policy role. The work concludes that the source of prevalent confusion on the subject lies in defining profit as a costs/revenues differential of firms and the insistence that it is exclusively attributable to the entrepreneurs who tend to be vanishing in the modern corporate era. For a reformulation of the theory to get rid of inconsistencies, the work suggests that profit should be viewed only as a cost/revenue differential delinked from reward; the firm – not the entrepreneur – should be the focal point for its study, the surplus beyond normal profit must be shared between capital and labour, subject to a minimum wage constraint, to promote social harmony and distributive justice. This book will appeal to the general reader who is looking for a lucid narration on a topic of common interest. Academics will find it interesting because of its historical updating and novelty of treatment. University students of economics will find this work an invaluable resource.
Volume 14 addresses the central issue of entrepreneurial action: while many factors are important to the phenomenon of entrepreneurship, entrepreneurship does not happen until someone takes action!