Selected Essays by Frank H. Knight, Volume 1: "What is Truth" in Economics?Frank H. Knight (1885-1972) was a central figure—many say the dominant influence—in the development of the "Chicago School of Economics" at the University of Chicago in the 1930s and 1940s, where he taught future Nobel laureates Milton Friedman, James Buchanan, George Stigler, and many other notable scholars. It was Knight's embedded skepticism about the reach of economic knowledge that set the stage for the laissez-faire economics that matured at the University in the 1950s and 1960s. But as important as Knight's technical economic contributions were, he never strayed far from his broad philosophical interests and concern for the state of modern liberal democracy. Ross B. Emmett's selection of Knight's essays is the first to offer a comprehensive picture of the work of this notable social scientist over the span of his career. Included are not only Knight's most influential writings, but also a number of uncollected papers which have not previously been widely accessible. These essays illustrate Knight's views on the central debates regarding economics, social science, ethics, education, and modern liberalism. Volume 1: "What is Truth" in Economics? contains fifteen of Knight's papers up through 1940. Volume 2: Laissez Faire: Pro and Con includes fourteen of Knight's papers from 1940 through 1967, including "Socialism: The Nature of the Problem" and "The Sickness of Liberal Society." These twenty-nine essays together stand not only as a monument to one of economics' most significant and original thinkers, but will also serve as an invaluable resource for economists, philosophers, and political scientists interested in the development of the western liberal tradition. |
Contents
Ethics and the Economic Interpretation | 40 |
The Ethics of Competition | 61 |
Some Fallacies in the Interpretation of Social Cost | 94 |
Fact and Metaphysics in Economic Psychology | 112 |
Historical and Theoretical Issues in the Problem of Modern Capitalism | 133 |
Some Queries regarding the Mechanical Analogy in Economics | 149 |
The Newer Economics and the Control of Economic Activity | 172 |
Capitalistic Production Time and the Rate of Return | 211 |
Common terms and phrases
activity actual agencies analysis argument assumed behavior behaviorist ceteris paribus chapter Cineas classical classical economics classical economists common competition conception connection conscious consumed consumption cost course curve definite demand diminishing returns discussion disinvestment duction economic theory economists effect equal equilibrium essay ethical fact factors factors of production field function given conditions human ideal income increase increment individual intelligent interest rate investment involved J. S. Mill Knight knowledge labor labor power limited logic marginal Max Weber meaning measured ment modern motive nature nomic notion objective observation organization Oskar Lange perfect competition philosophical physical possible practically prediction principle problem production quantity of capital question rate of interest rational relation rent result Ricardo saving scientific sense social society statement supply things tion truth value theory wages wants wealth writers yield