Frank H. Knight (1885-1972) was a central figure—many say the dominant influence—in the development of the "Chicago School of Economics" at the University of Chicago in the 1930s and 1940s, where he taught future Nobel laureates Milton Friedman, James Buchanan, George Stigler, and many other notable scholars. It was Knight's embedded skepticism about the reach of economic knowledge that set the stage for the laissez-faire economics that matured at the University in the 1950s and 1960s. But as important as Knight's technical economic contributions were, he never strayed far from his broad philosophical interests and concern for the state of modern liberal democracy.Ross B. Emmett's selection of Knight's essays is the first to offer a comprehensive picture of the work of this notable social scientist over the span of his career. Included are not only Knight's most influential writings, but also a number of uncollected papers which have not previously been widely accessible. These essays illustrate Knight's views on the central debates regarding economics, social science, ethics, education, and modern liberalism. Volume 1: "What is Truth" in Economics? contains fifteen of Knight's papers up through 1940. Volume 2: Laissez Faire: Pro and Con includes fourteen of Knight's papers from 1940 through 1967, including "Socialism: The Nature of the Problem" and "The Sickness of Liberal Society."These twenty-nine essays together stand not only as a monument to one of economics' most significant and original thinkers, but will also serve as an invaluable resource for economists, philosophers, and political scientists interested in the development of the western liberal tradition.

Selected Essays by Frank H. Knight, Volume 1: "What is Truth" in Economics? (Volume 1)

Business & Money

Knight, Frank H.

Economics

University of Chicago Press

Frank H. Knight (1885-1972) was a central figure—many say the dominant influence—in the development of the "Chicago School of Economics" at the University of Chicago in the 1930s and 1940s, where he taught future Nobel laureates Milton Friedman, James Buchanan, George Stigler, and many other notable scholars. It was Knight's embedded skepticism about the reach of economic knowledge that set the stage for the laissez-faire economics that matured at the University in the 1950s and 1960s. But as important as Knight's technical economic contributions were, he never strayed far from his broad philosophical interests and concern for the state of modern liberal democracy. Ross B. Emmett's selection of Knight's essays is the first to offer a comprehensive picture of the work of this notable social scientist over the span of his career. Included are not only Knight's most influential writings, but also a number of uncollected papers which have not previously been widely accessible. These essays illustrate Knight's views on the central debates regarding economics, social science, ethics, education, and modern liberalism. Volume 1: "What is Truth" in Economics? contains fifteen of Knight's papers up through 1940. Volume 2: Laissez Faire: Pro and Con includes fourteen of Knight's papers from 1940 through 1967, including "Socialism: The Nature of the Problem" and "The Sickness of Liberal Society." These twenty-nine essays together stand not only as a monument to one of economics' most significant and original thinkers, but will also serve as an invaluable resource for economists, philosophers, and political scientists interested in the development of the western liberal tradition.

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

Risk, Uncertainty, and Profit is a groundbreaking work of economic theory, distinguishing between risk, which is by nature measurable and quantifiable, and uncertainty, which can be neither be measured nor quantified. We begin with an analysis of the functions of profit, risk and uncertainty in the economy. Frank H. Knight introduces his work with a discussion on profit and how there are conflicts about its nature between various economic theorists. As the title implies, the author's chief concern is the interplay between making a profit, incurring risk, and determining if there is uncertainty. Risks are different from uncertainty in that they can be measured and protected against. For example a location chosen for a factory or farm may have a measured risk of flooding in a given year. Businesses, insurers and investors alike can be made aware of this, and behave according to the quantified risk.

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (Hardcover)

lulu.com

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society

One of the twentieth century's most influential economics texts, Risk, Uncertainty and Profit provided the theoretical basis of the entrepreneurial American economy during the post-industrial era. This revolutionary work taught the world how to systematically distinguish between risk (randomness with knowable probabilities), and uncertainty (randomness with unknowable probabilities), in order to accurately and properly ascertain a venture's potential profitability. Author Frank H. Knight's methodology served as the foundation of the Chicago School of Economics, maintaining that competition in a free market economy is the best method for achieving economic health. In this 1921 book, Knight explains why perfect competition would not necessarily eliminate profits, because of "uncertainty," rather than "risk." He contends that even in long-run equilibrium, entrepreneurs would earn profits as a return for their toleration of uncertainty. Knight's reasoning remains valid in the twenty-first century, and his definitions of risk and uncertainty continue to be taught in modern economics classes. Sociologist Edward Shils declared Risk, Uncertainty and Profit "a brilliant book," noting its interest not only to economists but also to social philosophers, sociologists, game theorists, and other specialists in social science.

Risk, Uncertainty and Profit (Dover Books on History, Political and Social Science)

Dover Publications

Intelligence and Democratic Action

Politics & Social Sciences

Politics & Government

Harvard University Press

Frank Knight was a thinker of the first importance and never more pertinent than he is in these years. The depths of his insights and his trenchant formulations might serve to weaken some of the prejudices of the present age. That is something to be fervently desired. Whether or not this republication can succeed in doing so, does not diminish the gratitude which is due to Liberty Fund for having reprinted this invaluable work, the value of which is enhanced by Professor Buchanan's vivid characterization of Frank Knight in his foreword. — Edward Shils, University of Chicago The fifteen essays in this collection, first published in 1947, treat a variety of economic, social, political, and philosophical problems and were written by a legendary professor of economics at the University of Chicago. Professor Knight (1885–1972) wrote from the viewpoint of ethics as well as economics. His own words best describe his objective in this book: "The basic principle of science—truth or objectivity—is essentially a moral principle. . . . The presuppositions of objectivity are integrity, competence, humility. . . . All coercion is absolutely excluded in favor of free meeting of free minds."

Freedom and Reform: Essays in Economics and Social Philosophy

Liberty Fund

Frank Knight was a thinker of the first importance and never more pertinent than he is in these years. The depths of his insights and his trenchant formulations might serve to weaken some of the prejudices of the present age. That is something to be fervently desired. Whether or not this republication can succeed in doing so, does not diminish the gratitude which is due to Liberty Fund for having reprinted this invaluable work, the value of which is enhanced by Professor Buchanan's vivid characterization of Frank Knight in his foreword. — Edward Shils, University of Chicago The fifteen essays in this collection, first published in 1947, treat a variety of economic, social, political, and philosophical problems and were written by a legendary professor of economics at the University of Chicago. Professor Knight (1885–1972) wrote from the viewpoint of ethics as well as economics. His own words best describe his objective in this book: "The basic principle of science—truth or objectivity—is essentially a moral principle. . . . The presuppositions of objectivity are integrity, competence, humility. . . . All coercion is absolutely excluded in favor of free meeting of free minds."

Frank Knight's famous dissertation "Risk, Uncertainty and Profit" (1921) remains one of the most interesting reads in economics even today. In it, Knight made his famous distinction between "risk" (randomness with knowable probabilities) and "uncertainty" (randomness with unknowable probabilities), set forth the role of the entrepreneur in a distinctive theory of profit and gave one of the earliest presentations of the now-famous law of variable proportions in the theory of production. This work is a must-read for any serious student of economics.

Risk, Uncertainty, and Profit

Signalman Publishing

Risk, Uncertainty, and Profit: Chapter 1: The Place of Profit and Uncertainty in Economic Theory

BiblioGov

See the best price to sell, buy, or rent books by Knight, Frank H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Books by Knight, Frank H.

See the best price to sell, buy, or rent books by Knight, Frank H.. BookScouter helps to compare book prices from 25+ online bookstores and 30+ buyback vendors with a single search.

Selected Essays by Frank H. Knight, Volume 1: "What is Truth" in Economics? (Volume 1)

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

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society (Hardcover)

Risk, Uncertainty, and Profit: The Economic Theory of Uncertainty in Business Enterprise, and its Connection to Profit and Prosperity in Society

Risk, Uncertainty and Profit (Dover Books on History, Political and Social Science)

Intelligence and Democratic Action

Freedom and Reform: Essays in Economics and Social Philosophy

Freedom and Reform: Essays in Economics and Social Philosophy

Risk, Uncertainty, and Profit

Risk, Uncertainty, and Profit: Chapter 1: The Place of Profit and Uncertainty in Economic Theory