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Frank H. Knight quotes (showing 1-5 of 5)

“Never waste any time you can spend sleeping.”
Frank H. Knight
“To call a situation hopeless is to call it ideal.”
Frank H. Knight
“[The]...feeling for what one should want, in contrast with actual desire, is stronger in the unthinking than in those sophisticated by education. It is the later who argues into the ‘tolerant’ (economic) attitude of de gustibus non est disputandum [in matters of taste, there can be no disputes]; the man in the street is more likely to view the individual whose tastes are ‘wrong’ as a scurvy fellow who ought to be despised if not beaten up or shot.”
Frank H. Knight, The Ethics of Competition
“The mathematical economists have commonly been mathematicians first and economists afterward, disposed to oversimplify the data and underestimate the divergence between their premises and facts of life.”
Frank H. Knight, The Ethics of Competition
“Economics, or more properly theoretical economics, is the only one of the social sciences which has aspired to the distinction of an exact science. To the extent that it is an exact science it must accept the limitations as well as share the dignity thereto pertaining, and it thus becomes like physics or mathematics in being necessarily somewhat abstract and unreal. In fact it is different from physics in degree, since, though it cannot well be made so exact, yet for special reasons it secures a moderate degree of exactness only at the cost of much greater unreality.”
Frank H. Knight, Risk, Uncertainty, and Profit


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Risk, Uncertainty and Profit Risk, Uncertainty and Profit
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