Knight, F. H (1885.11.7-1972.4.15)
Birthplace McLean Country, IL, USA.
Posts Helds Taught Univs. Cornell, Chicago, Iowa, (and again) Chicago, 1928-55.
Degrees BA Milligan Coll., 1911; BA, MA Univ. Tennessee, 1913; PhD Cornell Univ., 1916.
Offices and Honours Pres., Francis Walker Medal, American Economic Association, 1950, 1957.
Publications Books: 1. Risk, Uncertainty and Profit (1921, 1965); 2. The Economic Organisation (1933, 1951); 3. The Ethics of Competition (1935); 4. The Economic Order and Religion (with T. W. Merriam), (1945); 5. Freedom and Reform (1947); 6. The Ethics of Competition and Other Essays, (1951); 7. On the History and Method of Economics (1956); 8. Intelligence and Democratic Action (1960).
Career His published work is chiefly in article form and is usually concerned with clarifying some particular problem and assessing possible solutions. This remained at the level of analysis and he was loath to propose specific social reforms. His earliest and most fundamental cotribution was a clarification of profit theory, developing the crucial distinction between risk and uncertainty. He then turned to capital theory and in the process lauched a vigorous attack on the Austrian theory of capital. Other writings concern methodological and philosophical questions in relation to economics. His unwillingness to commit himself wholly to any single approach or answer deprived him of disciples but his deep effect on students and readers is well documented.
Secondary Literature J. M. Buchanam, `Knight, Frank H.', International Encyclopedia of the Social Sciences , D. L. Sills (ed.) (Macmillan and Free Press, 1968), vol. 8.

The Ethics of Competition ( Part I: "Ethics and the Economic Interpretation" (Quarterly Journal of Economics 36 (May1922): 454-81)
The Ethics of Competition ( Part II: "The Ethics of Competition" (Quarterly Journal of Economics 37 (August 1923): 579-624).

Other Information
Description of lectures prepared by Ross B. Emmett (

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