Frank Knight

The market is a mechanism for coordinating decentralized knowledge.

The true cost of anything is what you have to give up to get it.

The economic system is a moral system.

The pursuit of knowledge is an endless journey.

The problem of economic justice is a problem of balancing efficiency and equity.

The market is a process of creative destruction.

The role of the entrepreneur is to bear uncertainty and innovate.

The economic system is a system of incentives.

The greatest challenge facing humanity is to learn to live together in peace and prosperity.

The economic problem is a problem of human cooperation.

It is one of the faults of our age that all events are tried on the touchstone of authority.

Profit is essentially a residual income, the amount which is left over after all the costs of production have been deducted.

The truth is that economics is a normative science, not a positive one.

Uncertainty must be taken in a sense radically distinct from 'insurable risk,' as such risk is dealt with in the mathematics of probabilities.

The possibility of error is the necessary condition of truth.

Economics is a study of mankind in the ordinary business of life.

The real problem of life is what to do with our surplus energy.

Knowledge is what we know, but wisdom is what we do with it.

In economics, as in life, the unexpected is what matters most.

The measure of a man's success is not the money he makes, but the lives he touches.