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Frank Knight Biography

Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago school. Nobel laureates Milton Friedman, George Stigler and James M. Buchanan were all students of Knight at Chicago. Ronald Coase said that Knight, without teaching him, was a major influence on his thinking. F.A. Hayek considered Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century.

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Frank Knight Quotes

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.

Force, Exception, Ifs, Tend, Bring, Practically

Costs merely register competing attractions.

Risk, Cost, Competing, Merely, Register

Conflicting economic interest is relatively unimportant as a cause of war.

War, Causes, Conflict, Cause, Interest

Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

Philosophy, Moving, Differences, Low, Points, Obliterate

The possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations as it has in past.

Continues, Identity, Past, Same, Swag, Thing

Market competition is the only form of organization which can afford a large measure of freedom to the individual.

Competition, Individuality, Measure, Organization

One-third of your plays are special teams, so to block a punt and get good field position out of it and score was big.

Block, Team, Play, Field, Position, Punt

Never waste any time you can spend sleeping.

Sleep, Sleeping, Time, Time Management, Waste

There is no sense in making statements that will not continue to be true after they are made.

Philosophy, Political, Economics, True, Statements, Sense

I have been. . . . moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street.

Jobs, Rome, Faces, Cover, Met, Particularly

Large scale collective bargaining. . . is merely a seductive name for bilateral monopoly, and means either adjudication of conflicts in terms of power, or deadlock and stoppage, usually injuring outside people more than the immediate parties to the dispute.

Adjudication, Dispute, Mean, Names, Party, Terms

If all properly economic problems were solved once for all. . . the social struggle and strife would. . . [not necessarily] be reduced in amount or intensity. . . in the absence of some moral revolution which could by no means be assumed to follow in consequence of this change itself.

Struggle, Mean, Revolution, Consequence, Change, Assumed

The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.

Exercise, Extremely, Jobs, People, Power