The economics of Frank H. Knight: An Austrian interpretation |
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Authors: | Tony Fu-Lai Yu |
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Institution: | (1) University of New South Wales (ADFA), New South Wales, Australia |
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Abstract: | This paper interprets, in the modern Austrian economics perspective, Frank H. Knight's three core contributions; namely, economic
methodology, theories of human action, uncertainty and entrepreneurship. Though Knight is regarded as one of the founding
fathers of the Chicago School of economics, this paper argues that Knight's contributions are essentially Austrian. Influenced
by William James, Henri Bergson and Max Weber, Knight's subjectivist economics can be seen as a link between Carl Menger and
Ludwig von Mises in the history of Austrian subjectivism. This paper further suggests that Knight may be more appropriately
located in the Austrian-German School, for the reason that the term “Austrian School” is too narrow to accommodate german
influences. This paper concludes that Knight's legacies have left much to be appreciated by neoclassical mainstream economists
in general and Austrian economists in particular.
The author thanks Dian Kwan for her proof reading in this essay. |
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