Risk, uncertainty, profit - risk, uncertainty, profit

…After studying chemistry, German literature, economics, and philosophy at a few universities in Tennessee, he wrote his doctoral thesis in economics under Allyn Abbott Young (1876-1929) at Cornell University (1916). This thesis was later published under the title Risk, Uncertainty, and Profit (1921) and is still considered one of the most important classics of economics in the 20th century. The purpose of this thesis is to elucidate the meaning and role of pure profit in neoclassical economics, showing how profit is linked to the incompleteness of knowledge, and emphasizing the need to distinguish between the concept of "risk," whose probability distribution can be determined to some extent, and "uncertainty," which is the main cause of profit generation (an event that is difficult to express as a probability). …

*The following is a partial explanation of terms that refer to "risk, uncertainty, and profit."

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…テネシー州の二，三の大学で，化学，ドイツ文学，経済学，哲学などを修めた後，コーネル大学のヤングAllyn Abbott Young (1876‐1929)のもとで経済学の博士論文を書いた(1916)。この論文は後に《危険，不確実性，利潤》(1921)という書名で出版され，現在でも20世紀における経済学の最も重要な古典の一つとみなされている。これは新古典派経済学における純粋利潤の意味と役割を解き明かすことを目的としており，利潤が知識の不完全性といかに結びついているかを示すとともに，確率分布をある程度確定しうる〈危険〉概念と，利潤発生の主原因たる〈不確実性〉(確率表現が難しい事象)とを区別すべき点を力説した。…

※「《危険，不確実性，利潤》」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報