21+ Frank Knight Quotes On Education, Winning And Michael Jordan

Frank Knight was an American economist who is best known for his work on risk, uncertainty, and the role of entrepreneurship in decision-making. He was a major figure in the early development of the Chicago School of economics, and his 1921 book Risk, Uncertainty, and Profit is considered a seminal work in the field of economics. His work on risk and uncertainty has had a lasting influence on the development of modern economic theory. Following is our collection on famous quotes by Frank Knight on life, education, leadership.

Top 10 Frank Knight Quotes

1. Never waste any time you can spend sleeping.
2. In the long run all producers are forced to use the most efficient methods or give place to others who do.
3. Sociology isthescience of talk, and there is onlyone law in sociology. Bad talk drives out good.
4. All science is static in the sense that it describes the unchanging aspects of things.
5. 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.
6. We have to adapt and overcome, that's all we can do.
7. Conflicting economic interest is relatively unimportant as a cause of war.
8. ...even professors of economics, to say nothing of the public, do not generally have scientific minds.
9. 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.
10. There is no sense in making statements that will not continue to be true after they are made.

Frank Knight Famous Quotes And Sayings

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. — Frank Knight

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. — Frank Knight

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. — Frank Knight

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. — Frank Knight

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. — Frank Knight

Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change. — Frank Knight

The truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant. — Frank Knight

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

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. — Frank Knight

Costs merely register competing attractions. — Frank Knight

Always history is being made; opinions attitudes and institutions change, and there is evolution in the nature of capitalism — Frank Knight

Life Lessons by Frank Knight

1. Frank Knight's work emphasizes the importance of uncertainty in economic decision-making, as well as the distinction between risk and uncertainty.
2. He also argued that economic decisions should be based on subjective probabilities, rather than objective facts.
3. His work also highlights the importance of taking into account the ethical implications of economic decisions, as well as the need to consider the long-term effects of such decisions.