Routledge Dictionary of Economics, Second Edition
Knight, Frank Hyneman, 1885–1973 (B3)
A founder of the Chicago School, being professor at Chicago from 1927 to 1955 after an education at Tennessee and Cornell Universities. His doctoral thesis, published as Risk, Uncertainty and Profit (1921), is a classic of twentieth-century economics.
It stated that profit ‘arises out of the inherent, absolute unpredictability of things, out of the sheer brute fact that the results of human activity cannot be anticipated’. His social philosophy is expounded in The Ethics of Competition (1935). His other contributions include an onslaught on the Austrian measurement of capital in terms of a period of production, PIGOU’S notion of SOCIAL COST and post-war social engineering.
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