Skip to main content Accessibility help
×
Hostname: page-component-77c89778f8-5wvtr Total loading time: 0 Render date: 2024-07-24T10:29:06.685Z Has data issue: false hasContentIssue false
This chapter is part of a book that is no longer available to purchase from Cambridge Core

6 - Dealing with Irreducible Risk

Gianfranco Tusset
Affiliation:
University of Padova
Get access

Summary

This chapter describes the specific entrepreneurial archetype that appeared at the margins of the neoclassical line of inquiry during the 1920s and 1930s. Del Vecchio did not deal much with this topic, but, almost paradoxically, the two short articles that he wrote during the 1910s and published in 1928 in a German collected work edited by Hans Mayer, Frank A. Fetter, and Richard Reisch brought him international acknowledgment from Frank Knight as a forerunner of radical uncertainty analysis. As seen in the previous chapters, uncertainty permeates Del Vecchio's monetary analysis in its entirety, but he never stated it so clearly as when he treated the risk experienced by entrepreneurs.

When Del Vecchio examined saving and accumulation, it was already clear, even if not yet definitively so, that his economics was a theory grounded on the role played by profits. It is these that drive the system, albeit at the cost of constant instability.

But in the Italian academic environment of the time, Del Vecchio was not the only scholar to investigate entrepreneurial choices. On the contrary, many contemporaneous economists wrote on the topic and created a sort of Italian view on the entrepreneurial role. For this reason, the following treatment begins with the Italian theoretical environment, the description of which should clarify the original aspects of Del Vecchio's theory or, better, the radical tone of his interpretation.

Type
Chapter
Information
Publisher: Pickering & Chatto
First published in: 2014

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×