Frank Hyneman Knight

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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.
References in periodicals archive ?
All of this was known to the great theorists of the 1920s and 1930s: Hayek, Frank Knight, and John Maynard Keynes.
Because of his fascination with human nature and theological questions, along with his debatable atheism, his students sometimes quipped, "There is no God, but Frank Knight is his prophet.
Botanist, fungi fancier, retired DEC Environmental Educator and frequent Conservationist contributor Frank Knight lives near his daughter and grandchildren in Gig Harbor, WA.
Frank Knight, who is aged 67, posted an apology on his Facebook account last week to Blackpool and the Oyston family - who run the Fylde coast club - over allegations which he made on his social network account last year.
Frank Knight, 67, posted an apology on his Facebook account last week to Blackpool and the Oyston family, who run the Fylde coast club, over allegations he made on his social network account last year.
Commenting on the office sector outlook for 2015, Frank Knight said pockets of instability in the region were expected to continue pushing office occupiers to the safety of Dubai.
The greatest minds in finance -- from economists John Maynard Keynes, Frank Knight and Hyman Minsky to successful investors Buffett and George Soros and top theorists Robert Shiller, Benoit Mandelbrot and Didier Sornette -- have all mixed fundamental and behavioural approaches.
I contacted the company Frank Knight, who are trying to sell the land.
I met Homer when I was a junior at Rutgers University, where he had just arrived as an instructor, having gone from graduate work with Frank Knight at Chicago to teach at the University of Pittsburgh for one year, and then on to Rutgers--if I recall rightly mainly in order to coordinate better with the professional activity of his wife, Alice Hanson.
In the early decades, Frank Knight and Jacob Viner brought price theory to Milton Friedman, George Stigler, and Aaron Director, among others; and the torch passed to a third generation led by Gary Becker.
Geoffrey Brooke, 'Heterodoxy and Orthodoxy: Frank Knight on Ideal Models and Neoclassical Price Theory'.
by Graham Pizzey and Frank Knight, Edited by Sarah Pizzey Publisher: HarperCollins Publishers, 9 edn, 2012.