Frank Knight

Science is organized knowledge. Wisdom is organized life.

Profit arises out of the incertitude of the future.

The economic problem is not merely a problem of scarcity, but of choice under uncertainty.

To be a good economist, one must be a good philosopher.

Life is a series of calculated risks, but true living comes from embracing the unknown.

Economics cannot be reduced to a set of mathematical equations; it is an art of human behavior.

The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.

In the marketplace of ideas, truth emerges not from certainty, but from doubt.

Happiness is not in the mere possession of money; it lies in the joy of achievement.

Uncertainty is the only certainty there is.

The role of the economist is not to predict, but to understand.

Freedom in economics means the freedom to fail as well as to succeed.

Man is a rational animal, but economics shows he is often irrational.

The future is not ours to see, but it is ours to shape.

In teaching economics, we teach not facts, but ways of thinking.

Wealth is the ability to fully experience life.

The entrepreneur is the one who bears uncertainty.

Truth in economics is elusive, like truth in life.

Laughter is the shortest distance between two people.

The study of economics reveals the comedy of human affairs.