New Delhi, Oct. 15 -- The country is gearing up to celebrate Diwali, which, along with the return of Lord Ram to Ayodhya, is celebrated as the festival of Goddess Mahalakshmi. Business and trading communities spruce up their establishments and refurbish signs of 'Shubh Labh' (auspicious profit), often prominently displayed. The importance of profit and the profit motive is imbued in our culture and the worship of Mahalakshmi is associated with reverence for profit-making.

Over two decades ago, I had written a newspaper column emphasizing the importance of the relationship between business, profit and risk-taking. The work of Frank Knight, who distinguished between risk and uncertainty, is of timeless relevance. While risk can be insured ...