Frank Knight distinguished between 'uncertainty' and 'risk' to specify the true nature of 'profit’, but his specification never caught on and I do not see realistic possibilities for renewing research in this direction. Knight also used uncertainty to specify the distinctive role of the...

Subjective uncertainty helps explain features of entrepreneurial activity that fall outside the scope of models that focus on information asymmetries and misaligned incentives. Uncertainty, construed simply as missing information, can lead to unintended misjudgments. Efforts to control...

This paper comprised Part One of a book in progress.This book aims to help modernize and extend Knight's forgotten construct of uncertainty. Part One includes a preface, a very detailed Introduction, and six chapters which examine the formidable obstacles to the modernization as well as some...