The Political Economy of Frank Knight: Classical Liberalism from Chicago

Frank Knight, the founder of the Chicago School, isa leading twentieth century political economist who remains barelyknown in political science circles. The article surveys the politicaleconomy element in his work in the context of the classicalliberal tradition from the Scottish Enlightenment to Hayek. Itis argued that in the major compartments of Knight's politicaleconomy—his psychological assumptions of actor behaviour,his perspective on the nature of liberalism, his attention tothe maintenance of order by way of traditions and morals—herenews classical as opposed to other versions of] liberalismin modern times. The final section deals with Knight's thoughtson political democracy which, it is contended, complement hisclassical liberalism.