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.
About Frank Knight
Frank Hyneman Knightwas 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.
More quotes from Frank Knight
In the long run all producers are forced to use the most efficient methods or give place to others who do.
American economist (1885-1972)
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.
American economist (1885-1972)
All science is static in the sense that it describes the unchanging aspects of things.
American economist (1885-1972)
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.
American economist (1885-1972)
We have to adapt and overcome, that’s all we can do.
American economist (1885-1972)
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.
American economist (1885-1972)
There is no sense in making statements that will not continue to be true after they are made.
American economist (1885-1972)