Entrepreneurship and Profit

  • Jack Harvey


Entrepreneurship consists of: co‐ordinating factors of production; bearing the risks of producing for future demand. We can regard as management, confining entrepreneurship to the risks of ownership. Certain risks are insurable because they can be reduced to a law of averages. In a dynamic economy, however, there are uninsurable risks resulting from changes in the conditions of demand and supply. Entrepreneurship bears the risks of uncertainty.

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© Jack Harvey 1994

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  • Jack Harvey

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