Frank Knight’s century-old wisdom on risk, uncertainty, and profit

What can we learn from a little-known economist’s book published exactly a century ago? Quite a lot. Is it useful for us today? Yes, very. It turns out that Risk, Uncertainty and Profit, published by Frank Knight in 1921, is an essential book, even if it is difficult to read. It is the first book to really define uncertainty and show what it means in decision making and how it explains profit.