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Updated: May 9, 2025
The supply of risk-bearing responds perhaps more decidedly to the prospects of increased reward; but it is so intimately associated with special knowledge and the qualities of business enterprise, as to leave some uncertainty attaching even to this conclusion.
The fortunate few, who do combine them, are thus generally able to extract in the form of profits a high price for their services, a price which covers not only the strict reward of risk-bearing, and the necessary remuneration of their own service, but a handsome payment for the special qualities and advantages which have been indicated.
While this is true of the present economic system, the question is worth considering whether it represents a fundamental necessity, whether, for instance, under our world socialist commonwealth the factor of risk-bearing need play so important a part as it does in the actual business world.
The Payment for Risk-bearing. There is another element of great importance about which our ordinary ideas are apt to be so vague that it will be well to devote a chapter to its examination. This is the element of payment for risk, or rather the reward of risk-bearing. Risk is inherent in all business, as it is inherent in all life.
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