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How The Concepts Of Risk, Uncertainty And Profit Affect The Economy

The pandemic has upended our daily lives and put millions of people out of work, emphasizing how much uncertainty exists when it comes to planning of any sort. And that can be especially impactful as it relates to markets.

Not knowing what’s around the corner can present unique opportunities, but those opportunities can just as easily end up as problems.

A century ago, economist Frank Knight made public the concepts of risk, uncertainty and profit in a book of the same name and helped explain how those three words together impact markets.

Arizona State University's Center for the Study of Economic Liberty is presenting an event on "Risk, Uncertainty and Profit" to mark the 100th anniversary Jan. 29.

The Show spoke with professor Ross Emmett of the Center for the Study of Economic Liberty to learn about Knight's work.

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Steve Goldstein was a host at KJZZ from 1997 to 2022.