Frank Hyneman Knight
Knight, Frank Hyneman
Born Nov. 7, 1885, near McLean, 111.; died Apr. 15, 1972, in Chicago. American economist.
Knight was educated at the University of Tennessee and Cornell University. In 1919 he became an instructor at the University of Iowa and from 1928 until his retirement taught at the University of Chicago. Knight looked upon economic theory as a science that uses analysis of economic behavior by producers and consumers to derive general propositions about the principles underlying the economic system. Knight believed that exchange determines production. An ardent apologist of capitalism, Knight thought that the entrepreneur plays an important dynamic role in production. He considered the workers’ demands for higher pay to be unjustified interference in a faultless market mechanism.
WORKSThe Ethics of Competition. [London] 1935.
The Economic Organization. New York, 1951.
Essays on the History and Method of Economics. [Chicago, 1956.]
Risk, Uncertainty and Profit. New York, 1957.
Intelligence and Democratic Action. Cambridge, Mass., 1960.