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The economics of Frank H. Knight: An Austrian interpretation

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  • Tony Fu-Lai Yu

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.

Suggested Citation

  • Tony Fu-Lai Yu, 2002. "The economics of Frank H. Knight: An Austrian interpretation," Forum for Social Economics, Taylor & Francis Journals, vol. 31(2), pages 1-23, January.
    • Handle: RePEc:taf:fosoec:v:31:y:2002:i:2:p:1-23
    DOI: 10.1007/BF02779057
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    Cited by:

    1. Marek Loužek, 2019. "Zakladatel chicagské školy Frank Hyneman Knight [Frank Hyneman Knight, the Founder of the Chicago School]," Politická ekonomie, Prague University of Economics and Business, vol. 2019(2), pages 198-214.

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