Enhance Your Quote Experience
Enjoy ad-free browsing, unlimited collections, and advanced search features with Premium.
In spite of all the foregoing, there is a science of economics, a true, and even exact, science, which reaches laws as universal as those of mathemat… - Frank Knight
" "In spite of all the foregoing, there is a science of economics, a true, and even exact, science, which reaches laws as universal as those of mathematics and mechanics. The greatest need for the development of economics as a growing body of thought and practice is an adequate appreciation of the meaning, and the limitations, of this body of accurate premises and rigorously established conclusions. It comes about in the same general way as all science, except perhaps in a higher degree, i.e., through abstraction. There are no laws regarding the content of economic behavior, but there are laws universally valid as to its form. There is an abstract rationale of all conduct which is rational at alt, and a rationale of all social relations arising through the organization of rational activity.
English
Collect this quote
About Frank Knight
(November 7, 1885 – April 15, 1972) was an American economist, who spent most of his career at the , where he became one of the founders of the . Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking.
Also Known As
Native Name:
Frank Hyneman Knight
Alternative Names:
Frank H. Knight
Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.
Additional quotes by Frank Knight
[In 1932, Lionel Robbins declared economics ‘the science of choice’ (Robbins 1932). In the same year, when students at the University of Chicago opened their social sciences course reader, they read Knight’s response:] Such definitions come too near to saying that economics is the science of things generally, of everything that men are for practical reasons interested in. Such a definition is useless and misleading
[We may view the] economic organization as a system of prize relations. Seen in the large, free enterprise is an organization of production and distribution in which individuals or family units get their real income, their "living," by selling productive power for money to "business units" or "enterprises", and buying with the money income thus obtained the direct goods and services which they consume. This view, it will be remembered, ignores for the sake of simplicity the fact that an appreciable fraction of the productive power in use at any time is not really employed in satisfying current wants but to make provision for increased want-satisfaction in the future; it treats society as it would be, or would tend to become, with progress absent, or in a “static” state.
PREMIUM FEATURE
Advanced Search Filters
Filter search results by source, date, and more with our premium search tools.
Loading...