Frank Knight
A founder of the Chicago School, known for his work on risk, uncertainty, and profit.
Quotes by Frank Knight
The problem of knowledge is the central problem of economics.
Profit is the reward for uncertainty-bearing.
Uncertainty must be taken in a sense radically distinct from the familiar notion of Risk, from which it has never been properly separated.
The true function of leadership is to create more leaders, not more followers.
Competition is a process of selection, not a state of equilibrium.
The essence of economic activity is the allocation of scarce means among competing ends.
Economics is a science of choice.
The entrepreneur is the agent of change and innovation.
The function of the price system is to economize on information.
The problem of social organization is to reconcile individual freedom with social order.
The market is a mechanism for discovering and disseminating knowledge.
The only way to learn economics is to do economics.
The ultimate end of economic activity is human welfare.
The role of government is to establish and enforce the rules of the game.
The value of a good is not inherent in the good itself, but in its relation to human wants.
The economic problem is fundamentally a problem of organization.
The pursuit of profit is a powerful engine of progress.
The future is inherently uncertain.
The essence of freedom is responsibility.
The true measure of a society is how it treats its weakest members.