Frank Hyneman Knight 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.
11 Facts About Frank Knight
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Hayek considered Frank Knight to be one of the major figures in preserving and promoting classical liberal thought in the twentieth century.
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Paul Samuelson named Frank Knight as one of the several "American saints in economics" born after 1860.
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Frank Knight was born in 1885 in McLean County, Illinois, the son of Julia Ann and Winton Cyrus Frank Knight.
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Frank Knight was one of the world's leading economists, having made significant contributions to many problems of both economic theory and social philosophy.
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Frank Knight is best known for his Risk, Uncertainty and Profit, a study of the role of the entrepreneur in economic life.
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Frank Knight is best known as the author of the book Risk, Uncertainty and Profit, based on his PhD dissertation at Cornell University.
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Frank Knight argued that these situations, where decision making rules such as maximising expected utility can be applied, differ in a deep way from "uncertain" ones, in which not only the outcomes, but even the probability models that governed them, were unknown.
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Frank Knight argued that uncertainty gave rise to economic profits that perfect competition could not eliminate.
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Frank Knight said that rather than congestion justifying government tolling of roads, privately owned roads would set tolls to reduce congestion to its efficient level.
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Frank Knight was a co-founder and vice president of the Mont Pelerin Society of like-minded economists.