risk

nationality

American

occupation / innovator as

university teacher

economist

sociologist

president

scientific organization

Mont Pèlerin Society

innovator in the field of

economics

religion

atheism

American Academy of Arts and Sciences

Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated. The essential fact is that 'risk' means in some cases a quantity susceptible of measurement, while at other times it is something distinctly not of this character... and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and operating. It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an un-measurable one that it is not in effect an uncertainty at all' (p. 21).

Frank Knight

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Frank Knight