Frank Knight

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Frank Knight bigraphy, stories - Economists

Frank Knight : biography

November 7, 1885 – April 15, 1972

Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago school. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase did not take courses from Knight but said he was a major influence on his thinking.

Major publications

  • "The Concept of Normal Price in Value and Distribution", 1917, QJE.
  • , 1921, ISBN 978-0-9840614-2-6.
  • "Cost of Production and Price Over Long and Short Periods", 1921, JPE.
  • "Cassel’s Theoretische Sozialökonomie", 1921, JPE.
  • "Ethics and the Economic Interpretation", 1922, QJE (repr. in 1999, I)
  • "The Ethics of Competition", 1923, QJE (repr. in 1999, I)
  • "Business Management: Science or Art?", 1923 Journal of Business.
  • "Some Fallacies in the Interpretation of Social Cost", 1924, QJE (repr. in 1999, I)
  • "The Limitations of Scientific Method in Economics", 1924, in Tugwell, editor, Trend of Economics (repr. in 1999, I)
  • "Fact and Metaphysics in Economic Psychology", 1925, AER (repr. in 1999, I)
  • "A Note on Professor Clark’s Illustration of Marginal Productivity", 1925, JPE.
  • "Economic Psychology and the Value Problem", 1925, QJE.
  • "Economics at its Best: Review of Pigou", 1926, AER.
  • "Historical and Theoretical Issues in the Problem of Modern Capitalism", 1928, Journal of Econ & Business History (repr. in 1956 & 1999, I)
  • "A Suggestion for Simplifying the Statement of the General Theory of Price", 1928, JPE.
  • "Freedom as Fact and Criterion", 1929, Int J of Ethics
  • "Statics and Dynamics: Some queries regarding the mechanical analogy in economics", 1930, ZfN (repr. in 1956 & 1999, I)
  • "Professor Fisher’s Interest Theory: A case in point", 1931, JPE.
  • "Modern Economic Society Further Considered", 1932, JPE.
  • "The Newer Economics and the Control of Economic Activity", 1932, JPE (repr. in 1999, I)
  • The Economic Organization, 1933.
  • "Capitalistic Production, Time and the Rate of Return", 1933, in Essays in Honor of Gustav Cassel (repr. in 1999, I)
  • "The Nature of Economic Science in Some Recent Discussion", 1934, AER.
  • "Social Science and the Political Trend", 1934, Univ of Toronto Quarterly
  • "Common-Sense of Political Economy: Wicksteed Reprinted", 1934, JPE (repr. in 1956)
  • The Ethics of Competition and Other Essays, 1935.
  • "The Ricardian Theory of Production and Distribution", 1935, Canadian JE (repr. in 1956 & 1999, I)
  • "A Comment on Machlup", 1935, JPE.
  • "Professor Hayek and the Theory of Investment", 1935, EJ.
  • "The Theory of Investment Once More: Mr. Boulding and the Austrians", 1935, QJE.
  • "Some Issues in the Economics of Stationary States", 1936, AER.
  • "The Place of Marginal Economics in a Collectivist System", 1936, AER.
  • "The Quantity of Capital and the Rate of Interest", 1936, JPE (repr. in 1999, I)
  • "Pragmatism and Social Action: Review of Dewey", 1936, Int J of Ethics
  • "Note on Dr. Lange’s Interest Theory", 1937, RES.
  • "Unemployment: and Mr. Keynes’s revolution in economic theory", 1937, Canadian JE (repr. in 1999, I)
  • "On the Theory of Capital: In reply to Mr. Kaldor", 1938, Econometrica.
  • "Bertrand Russell on Power", 1939, Ethics.
  • "The Ethics of Liberalism", 1939, Economica.
  • "Socialism: The Nature of the Problem", 1940, Ethics (repr. in 1999, II)
  • "’What is Truth’ in Economics", 1940, JPE (repr. in 1956 & 1999, I)
  • "The Significance and Basic Postulates of Economics: a rejoinder", 1941, JPE
  • "Religion and Ethics in Modern Civilization", 1941, J of Liberal Religion
  • "The Meaning of Democracy: its politico-economic structure and ideals", 1941, J of Negro Education
  • "Social Science", 1941, Ethics (repr. in 1956)
  • "The Business Cycle, Interest and Money: A methodological approach", 1941, REStat (repr. in 1956 & 1999, II)
  • "Professor Mises and the Theory of Capital", 1941, Economica.
  • "The Role of the Individual in the Economic World of the Future", 1941, JPE.
  • , 1941, JPE.
  • "Science, Philosophy and Social Procedure", 1942, Ethics
  • "Fact and Value in Social Science", 1942, in Anshen, editor, Science and Man
  • "Some Notes on the Economic Interpretation of History", 1942, Studies in the History of Culture (repr. in 1999, II)
  • "Social Causation", 1943, American Journal of Sociology (repr. in 1956)
  • "Diminishing Returns Under Investment", 1944, JPE.
  • "Realism and Relevance in the Theory of Demand", 1944, JPE (repr. in 1999, II)
  • "The Rights of Man and Natural Law", 1944, Ethics (repr. in 1999, II)
  • "Human Nature and World Democracy", 1944, American J of Sociology.
  • "Economics, Political Science and Education", 1944, AER
  • The Economic Order and Religion, with T.W. Merriam, 1945.
  • "Immutable Law in Economics: Its reality and limitations", 1946, AER.
  • "The Sickness of Liberal Society", 1946, Ethics (repr. in 1999, II)
  • "Salvation by Science: The gospel according to Professor Lundberg", 1947, JPE (repr. in 1956)
  • Freedom and Reform: Essays in economics and social philosophy, 1947.
  • "Free Society: Its basic nature and problem", 1948, Philosophical Review (repr. in 1956)
  • "The Role of Principles in Economics and Politics", 1951, AER (repr. in 1956 & 1999, II)
  • "Institutionalism and Empiricism in Economics", 1952, AER.
  • On the History and Methods of Economics: Selected essays, 1956, ISBN 978-0-226-44689-9.
  • Intelligence and Democratic Action, 1960.
  • "Methodology in Economics", 1961, Southern EJ
  • "Abstract Economics as Absolute Ethics", 1966, Ethics.
  • "Laissez Faire: Pro and con", 1967, JPE (repr. in 1999, II)
  • "The Case for Communism: From the Standpoint of an Ex-liberal." (published posthumously) in Research in the History of Economic Thought and Methodology, edited by Warren J. Samuels, archival supplement 2 (1991): 57–108.
  • Selected Essays by Frank H. Knight, Volume 1: "What is Truth" in Economics?, (ed. by Ross B. Emmett), 1999, ISBN 978-0-226-44695-0
  • Selected Essays by Frank H. Knight, Volume 2: Laissez Faire: Pro and Con, (ed. by Ross B. Emmett), 1999, ISBN 978-0-226-44697-4