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Frank Knight Quotes

Economist

Frank Knight was an American economist born on November 7, 1885, and died on April 15, 1972. He is renowned for his contributions to the theory of risk and uncertainty in economics.

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All Economics Economic Assumption Conflict Exercise Ifs Individual Jobs Made Mean

Famous Frank Knight Quotes

“The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.”

People Persons Jobs Individual Levels Masters Exercise Slave Possession Dislike Probability Hearted Plantations Whipping

Author:Frank Knight

“Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.”

Wells Matter Education Situation Knowledge Learning Exercise Judgment Economics Absolutes Learners

Book:Risk, Uncertainty and Profit

Source: Risk, Uncertainty and Profit

“Sociology isthescience of talk, and there is onlyone law in sociology. Bad talk drives out good.”

Law Sociology

Author:Frank Knight

“One-third of your plays are special teams, so to block a punt and get good field position out of it and score was big.”

Play Bigs Team Special Fields Position Thirds Block Score Special Teams

Author:Frank Knight

“I have been....moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street.”

Should May Has Beens Jobs Faces Wonder Economic Streets Position Mets Moved Rome Economist Theorists Racket Citing Cato

Author:Frank Knight

“We have to adapt and overcome, that's all we can do.”

Can Do Overcoming

Author:Frank Knight

“...even professors of economics, to say nothing of the public, do not generally have scientific minds.”

Mind Economics Professors

Book:Risk, Uncertainty and Profit

Source: Risk, Uncertainty and Profit

“Always history is being made; opinions attitudes and institutions change, and there is evolution in the nature of capitalism”

Made Attitude Opinion Evolution Capitalism Economics Institutions

Book:Selected Essays by Frank H. Knight, Volume 1:

Source: Selected Essays by Frank H. Knight, Volume 1:

“Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.”

Philosophy Moving Political Differences Movement Higher Lows Economics Response Goods Genocide

Book:The Ethics of Competition

Source: The Ethics of Competition

“There is no sense in making statements that will not continue to be true after they are made.”

Made Philosophy Political Economics Statements Being True

Book:The Ethics of Competition

Source: The Ethics of Competition

“Large scale collective bargaining . . . is merely a seductive name for bilateral monopoly, and means either adjudication of conflicts in terms of power, or deadlock and stoppage, usually injuring outside people more than the immediate parties to the dispute.”

People Mean Names Term Party Conflict Scales Collectives Disputes Monopoly Seductive Large Scale Bargaining Collective Bargaining

Author:Frank Knight

“Market competition is the only form of organization which can afford a large measure of freedom to the individual.”

Form Individual Organization Competition Individuality

Author:Frank Knight

“Costs merely register competing attractions.”

Risk Cost Attraction Competing Register

Book:Risk, Uncertainty and Profit

Source: Risk, Uncertainty and Profit

“Never waste any time you can spend sleeping.”

Sleep Waste Management Time Management

Author:Frank Knight

“The possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations as it has in past.”

Past Situation Identity Possibility Preserves Behave Assumption Swagger Swag

Book:The Ethics of Competition

Source: The Ethics of Competition

“If all properly economic problems were solved once for all . . . the social struggle and strife would . . . [not necessarily] be reduced in amount or intensity . . . in the absence of some moral revolution which could by no means be assumed to follow in consequence of this change itself.”

Ifs Mean Problem Social Moral Struggle Economic Revolution Amount Consequence Absence Assumption Intensity Strife Life Struggle Economic Problems

Book:Freedom and reform: essays in economics and social philosophy

Source: Freedom and reform: essays in economics and social philosophy

“The truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant.”

Problem Seems Truth Economic Essentials Ultimate Factors Superficial Unimportant

Book:Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and Con

Source: Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and Con

“Conflicting economic interest is relatively unimportant as a cause of war.”

War Causes Interest Economic Conflict Unimportant Causes Of War

Book:Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and Con

Source: Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and Con

“All science is static in the sense that it describes the unchanging aspects of things.”

Aspect Static Unchanging

Book:The Ethics of Competition

Source: The Ethics of Competition

“In the long run all producers are forced to use the most efficient methods or give place to others who do.”

Giving Long Use Running Method Producers Efficient Long Runs

Book:The Ethics of Competition

Source: The Ethics of Competition

“It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.”

Ifs Force Exception

Book:The Ethics of Competition

Source: The Ethics of Competition

About the Author

Born: November 7, 1885
Died: April 15, 1972
Known for: Economist
Quotes: 21

Books & Sources

The Ethics of CompetitionRelated source material

Risk, Uncertainty and ProfitRelated source material

Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and ConRelated source material

Freedom and reform: essays in economics and social philosophyRelated source material

Selected Essays by Frank H. Knight, Volume 1:Related source material

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