By David Cowan
This ebook argues for the reconsideration of Frank Knight and the Chicago institution of monetary proposal in a post-Financial difficulty global. the writer posits that the dialogue of the founding father of "Knightian Uncertainty" can show new insights into what the economic climate can do for society, as his prophetic insights can supply a view into the soul of the fashionable economic system. The e-book first considers Frank Knight's early heritage and the unfolding of his fiscal philosophy ahead of happening to judge his enduring legacy. All these attracted to the impact of political and spiritual philosophy on economics may be thrilled to find the lasting effect of this nice fiscal philosopher.
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Extra info for Frank H. Knight: Prophet of Freedom
In particular, he thought that the influence of economic practice and loose terms hampered clarity in terminology, and the concept of profit was bound up in a certain type of organization of industry that was constantly evolving. Hence, the English classical writers of the later eighteenth and early nineteenth century were writing at a time when they did not see corporations as overly important, and a time when English industries were new and expanding, competition was not highly developed, and the possession of capital appeared to be the dominant factor in the economy.
Knight …the theory of profit has remained one of the most unsatisfactory and controversial divisions of economic doctrine. Considering, however, the universal recognition of the “tendency” of competition to eliminate profit, it is perhaps somewhat remarkable that the problem of profit itself has not, with one important exception, been attacked from the direct point of view adopted in this essay, of an inquiry into the causes of the failure of ideal competition to be fully realized in fact. B. Clark’s theory, which is further discussed below.
The economic organization. Chicago: University of Chicago. Published as The economic organization. Kelley, 1951. Knight, Frank Hyneman. 1935a. The ethics of competition and other essays. New York: Harper & Bros. The ethics of competition. Originally published in Quarterly Journal of Economics 37(August, 1923): 579–624. Knight, Frank Hyneman. 1939. Ethics and economic reform. Economica 6: 1–29, 296–321, 398–422. Knight, Frank Hyneman. 1945. The economic order and religion, ed. Merriam. New York: Harper & Bros, 1944.