Economic Psychology and the Value Problem

@article{KnightEconomicPA,
  title={Economic Psychology and the Value Problem},
  author={Frank Hyneman Knight},
  journal={Quarterly Journal of Economics},
  volume={39},
  pages={372-409}
}
  • F. Knight
  • Published 1 May 1925
  • Economics
  • Quarterly Journal of Economics
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 mechanics, 375. II. Is force real or merely symbolic, leaving movement (behavior in the case of human beings) the only fact open to description or study? 379. — This question is merely formal in physics, for we know forces by their effects alone, and hence unambiguously if at all; but in the realm… 
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