Frank Hyneman Knight

The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.


The 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.
The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Frank Hyneman Knight (1885-1972) was "arguably the most important nonKeynesian American economist of his generation," according to Michigan State University political and economic historian Ross Emmett, a Knight scholar.
This is a reproduction of a classic text in economic analysis and price theory by Frank Hyneman Knight, one of the founders of the Chicago School.