This paper evaluates the contribution of Risk, Uncertainty, and Profit to the development of economic theory in the 20th century. Our argument in this paper is twofold. First, we contend that this book embodied what had been the common knowledge of early neoclassical economics prior to World War II (WWII). Second, we also argue that embryonic to Knight's account of economics were two divergent approaches to economic thought that emerged after WWII. The first approach, what has come to be known as microeconomics, is characterized by utility maximization under fixed price, income, and institutional parameters that approximate equilibrium. This first approach is distinct from a second approach, referred to as price theory, in which prices are not sufficient statistics, as in microeconomics, but operate as guides to consumption and production decisions under alternative institutional arrangements. This second approach not only represented the continuation of the mainline1 of economic thought from its classical and early neoclassical roots. It also embodies the basis for Knight's understanding of uncertainty, profit and entrepreneurship, as well as its implications for economic organization and social progress.

中文翻译：

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经济学常识和经济思想的不同方法：来自风险、不确定性和利润的观点

本文评估了风险、不确定性和利润20世纪经济理论的发展。我们在本文中的论点是双重的。首先，我们认为这本书体现了二战（WWII）之前早期新古典经济学的常识。其次，我们还认为，奈特对经济学的解释的雏形是二战后出现的两种不同的经济思想方法。第一种方法，后来被称为微观经济学, 的特点是在接近均衡的固定价格、收入和制度参数下效用最大化。第一种方法不同于第二种方法，称为价格理论，其中价格不是充分的统计数据，就像在微观经济学中一样，而是作为替代制度安排下的消费和生产决策的指南。这第二种做法不仅代表了主线的延续1古典和早期新古典主义根源的经济思想。它还体现了奈特理解不确定性、利润和企业家精神的基础，以及它对经济组织和社会进步的影响。