Profit and Entrepreneurial Functions

  title={Profit and Entrepreneurial Functions},
  author={Frank Hyneman Knight},
  journal={The Journal of Economic History},
  pages={126 - 132}
  • F. Knight
  • Published 1 December 1942
  • Economics
  • The Journal of Economic History
In so far as the term “profit” has any fairly concrete and generally understood meaning, it designates the income accruing to the owner of a business or productive “enterprise,” through the operations of that business or enterprise. The owner may be an individual or a group, organized in some way as a legal entity; most typically, it is a “corporation,” particularly under American conditions. In either case, this owner, who normally hires productive services from others for a fixed compensation… 
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