Part III, Chapter VII 1. The problem of uncertainty and risk in economics is, of course, not new. Some reference has already been made to the literature. It has been recognized and discussed in three connections: (1) insurance; (2) speculation; and (3) entrepreneurship. For a full treatment of the last-named it is necessary to go to the German works cited in the historical portion of this study. English economics has been too exclusively occupied with long-time tendencies or ……
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