Insurance Profitability: An Economic Perspective

The evil result of the failure to emphasize the theoretical character of economic speculation are apparent in every field of practical economic.... The problem of profit is one way of looking at the problem of the contrast between perfect competition and actual competition.... The key to the whole tangle will be found to lie in the notion of risk and uncertainty....These introductory remarks to Professor Knight's classic treatise on profit provide useful perspective for a contemporary venture into this most difficult subject matter.