Uncertainty and Enterprise

[Frank] Knight has been forgotten or misconstrued repeatedly over the past century. A new book by the scholar Amar Bhidé brings back his original insights and dares to try to improve upon them mostly by extending them into realms that Knight didnt consider, such as the persuasive techniques that entrepreneurs use to overcome the uncertainty felt by investors, customers and partners. * Peter Coy, The New York Times *In Uncertainty and Enterprise, Amar Bhidé reminds us of the importance of complexity and context in understanding human action. His wide-ranging insights connect contemporary events to timeless themes in a way that is both fresh and engaging. * Tim Besley, Professor of Economics and Political Science & W. Arthur Lewis Professor of Development Economics, London School of Economics and Political Science *An important book and a wonderful guide for flourishing in a rapidly changing world. Amar Bhidé illustrates how our destiny doesn’t have to be controlled by authoritarian governments or impersonal scientific forces. We can shape our future, by holding true to our hallowed democratic traditions and honoring our best selves. * Bill Bradley, US Senator, 1979-1997 *Uncertainty has long been a source of puzzlement-seen by some as central to economic life even as it remains frustratingly difficult to define or analyze. Amar Bhidé cuts through this confusion, providing a lucid journey through both the history of the concept and its ongoing commercial implications. The story he tells is provocative, humane, and always illuminating. Uncertainty and Enterprise will be a definitive resource for anyone who seeks to understand a big question that yields no easy answers. * Angus Burgin, Associate Professor of History, Johns Hopkins University *A compelling argument for recognizing uncertainty as a key factor in economic analyses, and how to build it into our strategies. This is a magisterial synthesis of forgotten theories, and a persuasive appeal for reform in the economics profession. It offers thought-provoking insights for anyone seeking to navigate our turbulent times. * Gillian Tett, Provost, King’s College, University of Cambridge, and Columnist, Financial Times *A work of breathtaking breadth…A deep understanding of the concepts is intertwined with personal details of some of the colorful key personas such as Knight, Keynes, Savage, Ellsberg, Simon, and Kahneman/Tversky. The story is wonderfully curated and Bhide is not afraid to give his own views on what works and what has turned out to be fruitless expeditions to barren landscapes…. I can think of no better overview of the concept of uncertainty. * Richard Friberg, Jacob Wallenberg Professor, Stockholm School of Economics *[Bhidé] offers a fascinating array of stories, examples and ideas of great thinkers-some well-known, like John Maynard Keynes, others more obscure, like the economist Frank H. Knight-rather than relying solely on math or statistics. This book provides a new way of looking not only at risk but, more importantly, at uncertainty in an unpredictable world. * Elaine Chao, The Wall Street Journal *Mr. Bhidé’s thorough knowledge of case studies in entrepreneurship gives flesh and blood to [his] insight… Uncertainty and Enterprise shows how the need to manage uncertainty shapes the functions and structures of enterprises, the process of innovation and the skill sets of entrepreneurs. At a time when artificial intelligence and computational power are reshaping the world, it also points reassuringly to the importance of the uniquely human imaginative faculty. * Charles W. Calomiris, The Wall Street Journal *The results of this inquiry are fascinating. * Financial Times *Amar Bhide has written a postmodern gem that ought to be read by all social scientists…. * M. Ali Khan, Critical Inquiry *

Amar Bhidé is Professor of Health Policy at Columbia University’s Mailman School of Public Health and Professor of Business Emeritus at Tufts University’s Fletcher School of Law and Diplomacy. He has researched and taught about innovation, entrepreneurship, and finance for over three decades. Bhidé is a member of the Council on Foreign Relations, a founding member of the Center on Capitalism and Society at Columbia, and a foundingeditor of Capitalism and Society. He is the author of A Call for Judgment: Sensible Finance for a Dynamic Economy; The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World; The Origin and Evolution of NewBusinesses; and Of Politics and Economic Reality. He has written numerous articles for the Harvard Business Review; The Wall Street Journal; The New York Times; and the Financial Times.