The Essence of Entrepreneurship
Amar Bhide discusses how Frank Knight's ideas shape his view of entrepreneurship and why he disagrees with the mathematical standard view. Knight believed that entrepreneurship involves taking responsibility for unmeasurable and unquantifiable risks, which cannot be reduced to equations. Bhide provides examples, such as criminal trials, to illustrate the limitations of probability distributions in capturing the essence of entrepreneurship.In this clip
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EconTalk
Amar Bhide on Outsourcing, Uncertainty, and the Venturesome Economy
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