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Frank
Knight (1885-1972) disliked the idea of a "school of thought"
associated with his work. Ironically, however, he is usually
considered one of the founders of the "Chicago School of
Economics", a group of economists whose members are among
the most honored and decorated in history. Many have speculated
that Knight himself would have received the Nobel Prize had
he lived longer; the prize is awarded only to living persons.
Knight
was concerned with a wide range of subjects, including such
philosophical topics as means vs. ends, economics as
a study of human nature and human communication (including "lying").
As an abstract theorist, Frank Knight emphasized the role of
risk and uncertainty in economic affairs. Knight also was heavily
involved in one of the popular economic topics of his day: is
economics a philosophical and behavioral study, or is it an
empirical science?
Although
Knight did not create a systematic economic theory, his keen
critical eye and his biting wit make him one of the most colorful
and provocative of all the great economists.
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