Uncertainty and Enterprise
Oxford University Press Inc (Verlag)
978-0-19-768835-9 (ISBN)
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Mainstream economics, however, hides from uncertainty, banishing it to the mystical world of unknown unknowns or reducing it to mechanistic calculation. Its textbooks ignore everyday problems that lack demonstrably correct solutions. But resolute responses to such problems require confidence. Where does confidence come from, especially when we go beyond the known? How do we justify our fallible judgments to ourselves and others?
Drawing on more than thirty years of teaching and research, Amar Bhidé offers compelling answers. Inspired by--while modernizing--the forgotten ideas of the economist Frank Knight and other great twentieth-century thinkers, Bhidé challenges both hyper-rational economic orthodoxy and claims of pervasive behavioral biases. He shows that while big bets require more justification, the facts alone don't persuade skeptics. Instead, narratives that combine reason, contextual evidence, and creative interpretations align our imaginations.
Bhidé's framework and rich examples explain neglected and surprising features of entrepreneurship. He shows how startups and giant corporations coexist; how seemingly bureaucratic procedures encourage the giants to undertake complex high-stakes initiatives; and, how vividly described possibilities help make the imagined real. Cutting through esoteric theories--but avoiding glib prescriptions--Uncertainty and Enterprise examines the foundations of bold yet reasonable action.
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 founding editor 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 New Businesses; and Of Politics and Economic Reality. He has written numerous articles for the Harvard Business Review; The Wall Street Journal; The New York Times; the Financial Times; and Project Syndicate.
Preface
Part I: Invitation to the Voyage
1. The Offering
2. Uncertainty as Doubt
3. Conjectures about Justification
4. Applications to Enterprise
Part II: Formidable Obstacles, Forgotten Beacons
5. Frank Knight: The Spark That Did Not Ignite
6. Practically Omniscient Microeconomics
7. Imperfect Market Theories: Realism without Fallibility
8. John Maynard Keynes: Help to Distraction
9. Herbert Simon: Faded Guiding Star
10. Daniel Ellsberg's Ambiguity: A Simplifying Side Trip
11. Kahneman and Tversky: Gaining Acceptance, Dropping Uncertainty
12. Richard Thaler & Co.: Building the New Behavioral Boomtowns
Part III: The Specialization of Enterprise
13. Including Uncertainty: Recapitulation and Preview
14. "Bootstrapping" Improvised Startups
15. Calculating Capitalists: VCs and Angels Investors
16. The Evolution of Dynamic Bureaucracies
17. The Dominions of Giants
Part IV: Imaginative Discourse
18. The Aims of Discourse
19. The Devices of Discourse
20. Stories As Side Dishes
21. Spillovers from Popular Stories
Part V: Coda
22. The Case for Widening
Acknowledgments
Notes
References
Index
| Erscheint lt. Verlag | 19.1.2025 |
|---|---|
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 156 x 235 mm |
| Themenwelt | Geschichte ► Teilgebiete der Geschichte ► Wirtschaftsgeschichte |
| Wirtschaft ► Betriebswirtschaft / Management ► Unternehmensführung / Management | |
| Wirtschaft ► Volkswirtschaftslehre | |
| ISBN-10 | 0-19-768835-7 / 0197688357 |
| ISBN-13 | 978-0-19-768835-9 / 9780197688359 |
| Zustand | Neuware |
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