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Quote by Frank Knight

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Selected Essays by Frank H. Knight, Volume 1:

This volume includes a selection of essays written by Frank H. Knight, focusing on economic principles and their application in business and commerce. more

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Frank Knight
Frank Knight

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. more

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“The modern joint stock firm is the outcome of innumerable decisions made by individual entrepreneurs, owners and managers. For these decision makers the choices among alternatives were limited and the outcomes uncertain, but almost always there were choices. Despite the variability of these individual decisions, taken cumulatively they produced clear patterns of institutional change”

“The general struggle for existence of animate beings is not a struggle for raw materials, these for organisms are air water & soil, all abundantly available, nor for energy which exists in plenty in the sun and any hot body in the form of heat, but rather a struggle for entropy, which becomes available through the transition of energy from the hot sun to the cold earth.”

“No one will really understand politics until they understand that politicians are not trying to solve our problems. They are trying to solve their own problems - of which getting elected and re-elected are number one and number two. Whatever is number three is far behind.”

“What would you think of a person who earned $24,000 a year but spent $35,000? Suppose on top of that, he was already $170,000 in debt. You'd tell him to get his act together - stop spending so much or he'd destroy his family, impoverish his kids and wreck their future. Of course, no individual could live so irresponsibly for long. But tack on eight more zeroes to that budget and you have the checkbook for our out-of-control, big-spending federal government.”