Download or read book Risk Uncertainty and Profit written by Frank H. Knight and published by Cosimo, Inc.. This book was released on 2006-11-01 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Recent Theories of Profit written by Muhammad Nejatullah Siddiqi and published by [Bombay : published for] the Faculty of Social Sciences, Aligarh Muslim University [by] Asia Publishing House. This book was released on 1971 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Theory of Profit written by Donald McLean Lamberton and published by . This book was released on 1969 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Distribution of Wealth written by John Bates Clark and published by . This book was released on 1899 with total page 490 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Profits in Economic Theory written by Michael Charles Howard and published by London : Macmillan. This book was released on 1983 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Profit Theory and Capitalism written by Mark Obrinsky and published by University of Pennsylvania Press. This book was released on 2015-10-12 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Theory of Profit with Islamic Directions written by Zubair Hasan and published by Paragon Publishing. This book was released on 2016-07-08 with total page 194 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Interest and Profit in the Theories of Value and Distribution written by Carlo Panico and published by Springer. This book was released on 1988-06-18 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Profits in Economic Theory written by Michael Howard and published by London : Macmillan. This book was released on 1983 with total page 225 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Entrepreneurial Action written by Andrew C. Corbett and published by Emerald Group Publishing. This book was released on 2012-07-17 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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!
Download or read book If Not for Profit for What written by Dennis R. Young and published by Lexington, Mass. : LexingtonBooks. This book was released on 1983 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Notes on the Theory of Profit written by George O'Brien and published by . This book was released on 1929 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Positive Theory of Capital written by Eugen von Böhm-Bawerk and published by Ludwig von Mises Institute. This book was released on 1959 with total page 468 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Theory of Economic Development written by Joseph A. Schumpeter and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Schumpeter first reviews the basic economic concepts that describe the recurring economic processes of a commercially organized state in which private property, division of labor, and free competition prevail. These constitute what Schumpeter calls "the circular flow of economic life," such as consumption, factors and means of production, labor, value, prices, cost, exchange, money as a circulating medium, and exchange value of money. The principal focus of the book is advancing the idea that change (economic development) is the key to explaining the features of a modern economy. Schumpeter emphasizes that his work deals with economic dynamics or economic development, not with theories of equilibrium or "circular flow" of a static economy, which have formed the basis of traditional economics. Interest, profit, productive interest, and business fluctuations, capital, credit, and entrepreneurs can better be explained by reference to processes of development. A static economy would know no productive interest, which has its source in the profits that arise from the process of development (successful execution of new combinations). The principal changes in a dynamic economy are due to technical innovations in the production process. Schumpeter elaborates on the role of credit in economic development; credit expansion affects the distribution of income and capital formation. Bank credit detaches productive resources from their place in circular flow to new productive combinations and innovations. Capitalism inherently depends upon economic progress, development, innovation, and expansive activity, which would be suppressed by inflexible monetary policy. The essence of development consists in the introduction of innovations into the system of production. This period of incorporation or adsorption is a period of readjustment, which is the essence of depression. Both profits of booms and losses from depression are part of the process of development. There is a distinction between the processes of creating a new productive apparatus and the process of merely operating it once it is created. Development is effected by the entrepreneur, who guides the diversion of the factors of production into new combinations for better use; by recasting the productive process, including the introduction of new machinery, and producing products at less expense, the entrepreneur creates a surplus, which he claims as profit. The entrepreneur requires capital, which is found in the money market, and for which the entrepreneur pays interest. The entrepreneur creates a model for others to follow, and the appearance of numerous new entrepreneurs causes depressions as the system struggles to achieve a new equilibrium. The entrepreneurial profit then vanishes in the vortex of competition; the stage is set for new combinations. Risk is not part of the entrepreneurial function; risk falls on the provider of capital. (TNM).
Download or read book The Theory of Profits written by Praphullachandra Ghosh and published by . This book was released on 1933 with total page 476 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Profit Cycles Oligopoly and Regional Development written by Ann Markusen and published by . This book was released on 2008-07 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a theory that radically reconceptualizes the economic forces producing regional change and tests it empirically for a set of fifteen sectors in the U.S. It offers a pioneering approach which should enable planners and managers to better cope with baffling changes in the current economic viability of regions. The dramatic shifts in heartland regional economies in the U.S. and other advanced industrial countries have thrown into question the ability of capitalist development to produce permanent growth, economic well being, and balanced regional development. This book develops a theory that radically reconceptualizes the economic forces producing regional change and tests it empirically for a set of fifteen sectors in the U.S. It offers a pioneering approach which should enable planners and managers to better cope with baffling changes in the current economic viability of regions. Traditional theories of regional development have failed to account for innovation and longrun structural change. They have ignored the role of corporate strategy and the existence of market power. Markusen's profit-cycle theory provides a key to understanding how, why, and when a region's leading industries undergo major changes. The theory is synthetic, building upon Schumpeterian and Marxist work on innovation and capitalist dynamics, upon the product cycle theories of business economists, and upon theories of oligopolistic behavior. Markusen argues that changing sources of profitability along an industry's evolutionary path will first concentrate and later disperse production geographically, setting in motion a methodically destabilizing process for regional economies. The profit-cycle theory is tested in depth against the steel sector's experience over a century, and against the experiences of sectors in different stages of development, ranging from innovative ones like semiconductors and computers, to mature and troubled sectors like automobiles, textiles, and lumber. The temporal and crosssectional data drawn from the census of manufactures support the theory and its spatial hypotheses. In a final chapter Markusen explores the implications of the research for regional development.
Download or read book The Moral Case for Profit Maximization written by Robert White and published by Rowman & Littlefield. This book was released on 2020-04-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Moral Case for Profit Maximization argues that profit maximization is moral when businessmen seek to maximize profit by creating goods or services that are of objective value. Traditionally, profit maximization has been defended on economic grounds. Profit, economists argue, incentivizes businessmen to produce goods and services. In this view, businessmen do not need to be virtuous as long as they deliver the goods. It challenges the traditional defense of profit maximization, arguing that profit maximization is morally ambitious because it requires businessmen to form normative abstractions and to cultivate a virtuous character. In so doing, the author also challenges the moral basis of corporate social responsibility. Proponents of CSR argue that businessmen can do good while doing well. This book argues that businessmen already do good by maximizing profit, drawing upon the histories of the wheel, the refrigerator, and the shipping container, as well as the biographies of J. P. Morgan, John D. Rockefeller, and Thomas Edison to demonstrate the role of values in the creation of material goods and the role of the virtues in value creation. The author challenges readers to rethink the relationship between profit, value, and virtue.