Frank Knight

The economic system is a complex adaptive system.

The market is a process of discovery, not merely a mechanism for allocating known goods.

The role of theory is to simplify and clarify, not to perfectly describe reality.

The problem of economic calculation is central to understanding different economic systems.

The individual is the ultimate unit of economic analysis.

The pursuit of self-interest, within a framework of rules, can lead to social good.

The most important economic resource is human ingenuity.

The economic system is constantly evolving.

The purpose of education is to teach people how to think, not what to think.

The economic problem is not just about scarcity, but about how we respond to scarcity.

The market is a discovery procedure.

The role of the economist is to understand the logic of choice.

The greatest danger to freedom is apathy.

The economic system is a system of cooperation and competition.

The future is not predetermined, but is shaped by human action.

The problem of knowledge is inextricably linked to the problem of organization.

The market is a process of trial and error.

The essence of progress is the ability to adapt to change.

The economic problem is a problem of human behavior.

The role of institutions is to reduce uncertainty.