The Last Chance Of Freedom

It's becoming increasingly difficult to discern fact from fiction, and unfortunately the media has a strong bias. They spin stories to make conservatives look bad and will go to great lengths to avoid reporting on the good that comes from conservative policies. There are a few shining lights in the media landscape-brave conservative outlets that report the truth and offer a different perspective. We must support conservative outlets like this one and ensure that our voices are heard.

Tuesday, February 5, 2013

Entrepreneurs, Risk Managers, and Uncertainty

Hyman Minsky offered profound thoughts about the economic dialectic between, as he characterized it, ‘entrepreneurs and bankers.’

Thomas Stanton’s 2012 study of comparative organizational performance during the great 21st-century financial crisis, Why Some Firms Thrive While Others Fail, cites Frank Knight’s 1921 classic, Risk, Uncertainty, and Profit. I consider Stanton’s theme to be how to address the unavoidable reality stated thus by Knight: “Uncertainty is one of the fundamental facts of life. It is … ineradicable from business decisions.”¹
As Stanton says, "Knight long ago distinguished risk, which can be quantified, from uncertainty, which requires judgment. Successful firms used judgment to add more protection than quantitative modeling would have suggested."²

^{Read more: http://www.american.com/archive/2013/february/entrepreneurs-risk-managers-and-uncertainty}

The Last Chance Of Freedom

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Tuesday, February 5, 2013

Entrepreneurs, Risk Managers, and Uncertainty

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