Frank H. Knight

waste time sleep

“Never waste any time you can spend sleeping.”

― Frank H. Knight (1885-1972)

situation hopeless ideal

“To call a situation hopeless is to call it ideal.”

― Frank H. Knight (1885-1972)

mathematician economist oversimplify data underestimate

“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 (1885-1972)

theoretical economics uncertainty exact unreality

“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 (1885-1972)

market organization individual freedom

"Market competition is the only form of organization which can afford a large measure of freedom to the individual."

― Frank H. Knight (1885-1972)

probability power whipping-master slave plantation

The probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.

― Frank H. Knight (1885-1972)

adapt overcome

"We have to adapt and overcome, that's all we can do."

― Frank H. Knight (1885-1972)

sociology talk law

"Sociology is the science of talk, and there is only one law in sociology. Bad talk drives out good."

― Frank H. Knight (1885-1972)

truth economic factor superficial unimportant

"The truth seems … to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant."

― Frank H. Knight (1885-1972)

science static aspect

"All science is static in the sense that it describes the unchanging aspects of things."

― Frank H. Knight (1885-1972)

uncertainty unknown risk measurable

”Uncertainty is an unknown risk, while Risk is a measurable uncertainty.”

― Frank H. Knight (1885-1972)