@article{oai:shiga-u.repo.nii.ac.jp:00008257,
 author = {酒井, 泰弘},
 issue = {第394号},
 journal = {彦根論叢},
 month = {Dec},
 note = {Departmental Bulletin Paper, The main purpose of this paper is to explore the economic thought of Frank H. Knight (1885-1972) with special reference to his ideas of risk and uncertainty. Knight, the “Grand Old Man” of Chicago, is one of the most influential thinker American economics has ever produced. Although he
failed to acquire many faithful followers around himself, we can see some traces of his perspective in the work of Martin Bronfenbrenner
(1914-1997), a Chicago Ph.D., with whom I established a close acquaintance at Kobe and Pittsburgh.
   According to Knight, uncertainty must be taken categorically distinct from the familiar notion of risk. Risk means a quantity susceptible of measurement, so that it is not in effect an
uncertainty at all. In contrast, uncertainty is of
the non-quantity type in the sense that it cannot
be described by any distribution function.
It is this “true” uncertainty, and not risk, which
forms the basis of a valid theory of profit. Business decisions deal with situations which are far too unique for any sort of statistical tabulation to have any value of guidance. Such true uncertainty gives the characteristic form of enterprise to economic organization as a whole and accounts for profit or the peculiar income of the entrepreneur.
   We live in the world of risk and uncertainty.
The Great East Japan Earthquake of 11 March 2011 has demonstrated a great lesson against the myth of absolute safety, indicating the necessity of rethinking of presumably “unthinkable events.” We can learn new lessons from old teachings : The legacy of Frank H. Knight is still alive and will remain so throughout the new century., 彦根論叢, 第394号, pp. 38-57, The Hikone Ronso, No.394, pp. 38-57},
 pages = {38--57},
 title = {フランク・ナイトの経済思想 : リスクと不確実性の概念を中心として},
 year = {2012}
}