Frank Knight Quotes
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Weber is the only one who really deals with the problem of causes or approaches the material from that angle that can alone yield an answer to such questions, that is, the angle of comparative history in the broad sense.
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We have to adapt and overcome, that's all we can do.
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All science is static in the sense that it describes the unchanging aspects of things.
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In the long run all producers are forced to use the most efficient methods or give place to others who do.
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Most striking feature... is the author’s failure to understand the elementary mechanics of the competitive economic organization.
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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.
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A civilization which is dominated by this matter-of-fact insight must prevail against any cultural scheme that lacks this element. This characteristic of western civilization comes to a head in modern science, and finds its highest material expression in the technology of the machine industry.
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There is no sense in making statements that will not continue to be true after they are made.
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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.
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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.
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Of the American institutionalists, his most generous comments concerned Commons’s work, work that he regarded as hopelessly unsystematic but highly ‘suggestive and valuable’
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Economics and ethics naturally come into rather intimate relations with each other since both recognizedly deal with the problem of value.