Entrepreneurship – the fundamental question for economists and business theorists alike.
Slightly gnomic heading, but we imagine it is the answer to why firms exist, why the economy ratlles along and grows, why capitalism is salvageable, and much else. Towards that end major progress on the Special Issue on Frank Knight. Now up on the Strategic Change journal’s website. We’re off to the races.
In the meantime I have been re-working, once again, my understanding of Knight’s best-known work Risk, Uncertainty, and Profit.
Bottom line, the idea that it is some kind of a manual for ‘decision-making under uncertainty’ proves obscuring rather than clarifying. It cannot be understood without reference to the earlier works of those Knight cites extensively in the book – specifically J. Bates Clark, Thomas Carver, Herbert Davenport, and Frank Fetter. – among several others we ignore today.
Aside from the ever ongoing Knight-oriented research, there are now two Cambridge Elements lists under way – business strategy AND business history.