• Publications
  • Influence
Risk, Uncertainty and Profit
In Risk, Uncertainty and Profit, Frank Knight explored the riddle of profitability in a competitive market profit should not be possible under competitive conditions, as the entry of new
Some Fallacies in the Interpretation of Social Cost
Arguments for social interference developed by Pigou and Graham illustrate common misinterpretations of the meaning of cost and its variation with output, 582. — I. The private owner of a natural
Intelligence And Democratic Action
  • F. Knight
  • Political Science, Economics
  • 1 September 1960
Profit and Entrepreneurial Functions
Provides a theoretical basis for understanding profit in relation to the entrepreneur. Profit is defined as the residual income accruing to the owner of a business or enterprise. This owner, whether
The Rights of Man and Natural Law
A A student of theoretical economics the writer constantly faces problems of "methodology," of the concepts and presuppositions involved in generalized description and interpretation of social
Bearing on problem of scope and method, 454. — Both economics and ethics deal with value, 454. — Economics as a pure science has given too little attention to separation of constants from variables,
Diminishing Returns from Investment
  • F. Knight
  • Economics
    Journal of Political Economy
  • 1 March 1944
ly similar considerations, though concretely very different, apply to the laborer and the capacities which make him a productive agent. Clearly, to begin with, even birth rates are, in fact (in
"What is Truth" in Economics?
  • F. Knight
  • Economics
    Journal of Political Economy
  • 1 February 1940
I T SEEMS that a great many thoughtful people in the world are like Pontius Pilate in that they ask the question of our title, but "do not wait for an answer." But a considerable number differ from
Economic Psychology and the Value Problem
The basic difficulty in economic theory is the philosophical problem of the meaning of explanation in connection with human behavior. I. Motive or desire in human conduct is the analogue of force in