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The fifteen essays in this collection, first published in 1947, treat a variety of economic, social, political and philosophical problems and were written by a legendary professor of economics at the University of Chicago.

The fifteen essays in this collection, first published in 1947, treat a variety of economic, social, political and philosophical problems and were written by a legendary professor of economics at the University of Chicago.

When originally released, Frank Hyneman Knight's The Economic Organization revitalized the teaching of economic theory in America during the 1930s, laying the foundation for the price theory revolution led by economists emerging from Knight's circle at The University of Chicago. Knight shows that when societies choose to allow market organization, their economy simultaneously solves the fundamental functions of valuation and efficiency. It also organizes the production and distribution of resources, providing incentives for progress.The Economic Organization provides a short introduction to the basic principles of supply, demand, and distribution that emerge from neoclassical price theory. The central role of the price mechanism in market organization is illustrated neatly by Knight's "wheel of wealth" the circular flow diagram most often identified with macroeconomic flows, but introduced here for price theoretic reasons. This version also includes his essay on "Utility and Cost," which provides a seamlessly integrated alternative-cost interpretation of neoclassical theory.This expanded edition of The Economic Organization includes a new introduction by Ross B. Emmett, which expands upon the short note on capital theory inserted in the original. Knight wrote three versions of the note for student use, and all three are included in the second chapter. Few books have changed the landscape of American economics and economic education as much as Knight's The Economic Organization. This book should be read by all economists, historians, and policy makers.

The Ethics of Competition is a book of Frank H. Knight's writings on a common theme: the problem of social control and its various implications. Knight believed in free economic institutions but was also aware that the competitive economic system could be improved. One of the central figures of neoclassical economics in the twentieth century, Knight pursued a lifelong campaign against irrationalities of nationalism, religious fanaticism, and group conflict, while conceding that these were fundamental orientations of human action that might yet frustrate his own work as an economist. While Knight vigorously defended human freedom and the liberal order, he also was sufficiently moved by the shortcomings of liberalism as to condemn it as rife with abuse.As Richard Boyd writes in the new introduction, The Ethics of Competition is nothing short of visionary. Knight foresaw virtually all of the reductionistic tendencies that have come to plague the discipline he cultivated, neoclassical economic theory. Even more impressively, Knight related these disciplinary proclivities back to themes as grand as the fate of liberal democracy and human nature. Boyd discusses Knight's belief that the human craving for simple, mechanical explanations inevitably leads to frustration rather than material satisfaction. Chapters in The Ethics of Competition include "Economic Psychology and the Value Problem," "The Limitations of Scientific Method in Economics," "Marginal Utility Economics," "Fallacies in the Interpretation of Social Cost," and "Economic Theory and Nationalism." This volume will be of essential value to economists, political theorists, philosophers, and sociologists.

Captain Anson and the Treasure of Spain: The True Story of a Great Adventure is a historical non-fiction book written by Frank Knight. The book tells the captivating story of Captain George Anson and his crew, who set sail in 1740 on a mission to capture Spanish treasure ships in the Pacific Ocean. The book begins with the background of the war between England and Spain, which led to the expedition. The author then delves into the details of the journey, including the challenges faced by the crew, such as disease, mutiny, and harsh weather conditions. As the crew sailed across the Pacific, they encountered several Spanish ships, which they successfully captured. The author describes the battles in detail, highlighting the bravery and determination of Captain Anson and his men. The book also explores the cultural differences between the English and Spanish, as well as the impact of the expedition on the global balance of power. The author provides a vivid portrayal of life at sea during the 18th century, including the daily routines, food, and living conditions of the crew. Overall, Captain Anson and the Treasure of Spain: The True Story of a Great Adventure is a thrilling and informative read that transports readers to a time of exploration and conquest. The book is well-researched and provides a fascinating insight into one of the most significant naval expeditions in history.This scarce antiquarian book is a facsimile reprint of the old original and may contain some imperfections such as library marks and notations. Because we believe this work is culturally important, we have made it available as part of our commitment for protecting, preserving, and promoting the world's literature in affordable, high quality, modern editions, that are true to their original work.

When originally released, Frank Hyneman Knight's The Economic Organization revitalized the teaching of economic theory in America during the 1930s, laying the foundation for the price theory revolution led by economists emerging from Knight's circle at The University of Chicago. Knight shows that when societies choose to allow market organization, their economy simultaneously solves the fundamental functions of valuation and efficiency. It also organizes the production and distribution of resources, providing incentives for progress.The Economic Organization provides a short introduction to the basic principles of supply, demand, and distribution that emerge from neoclassical price theory. The central role of the price mechanism in market organization is illustrated neatly by Knight's "wheel of wealth"—the circular flow diagram most often identified with macroeconomic flows, but introduced here for price theoretic reasons. This version also includes his essay on "Utility and Cost," which provides a seamlessly integrated alternative-cost interpretation of neoclassical theory.This expanded edition of The Economic Organization includes a new introduction by Ross B. Emmett, which expands upon the short note on capital theory inserted in the original. Knight wrote three versions of the note for student use, and all three are included in the second chapter. Few books have changed the landscape of American economics and economic education as much as Knight's The Economic Organization. This book should be read by all economists, historians, and policy makers.

The Ethics of Competition is a book of Frank H. Knight's writings on a common theme: the problem of social control and its various implications. Knight believed in free economic institutions but was also aware that the competitive economic system could be improved. One of the central figures of neoclassical economics in the twentieth century, Knight pursued a lifelong campaign against irrationalities of nationalism, religious fanaticism, and group conflict, while conceding that these were fundamental orientations of human action that might yet frustrate his own work as an economist. While Knight vigorously defended human freedom and the liberal order, he also was sufficiently moved by the shortcomings of liberalism as to condemn it as rife with abuse.As Richard Boyd writes in the new introduction, The Ethics of Competition is nothing short of visionary. Knight foresaw virtually all of the reductionistic tendencies that have come to plague the discipline he cultivated, neoclassical economic theory. Even more impressively, Knight related these disciplinary proclivities back to themes as grand as the fate of liberal democracy and human nature. Boyd discusses Knight's belief that the human craving for simple, mechanical explanations inevitably leads to frustration rather than material satisfaction. Chapters in The Ethics of Competition include "Economic Psychology and the Value Problem," "The Limitations of Scientific Method in Economics," "Marginal Utility Economics," "Fallacies in the Interpretation of Social Cost," and "Economic Theory and Nationalism." This volume will be of essential value to economists, political theorists, philosophers, and sociologists.

Ameerika majandusteoreetik Frank Hyneman Knight (1885-1972) heidab oma tuntuima töö "Risk, määramatus ja kasum" (1921) algusosa esimeses peatükkis pilgu majandusteooria meetoditele, teine peatükk on pühendatud 19. sajandi majandusteaduse ülevaatele. Raamatu teine osa kirjeldab täieliku konkurentsi korral tekkivaid probleeme. Knighti käsitluse panus majandusteooriasse ongi riski ja määramatuse eristamine. Tema jaoks on risk mõõdetav määramatus, mille mõju on erinevate meetoditega võimalik piirata või vältida. Määramatus on aga teadmatus, mille mõju hindamist pole võimalik välja arvutada. Nõnda on ühtede kaante vahel nii ettevõtluse arengu ajalooline ülevaade kui ka klassikaks muutunud teoreetiline käsitlus. Eesti väljaandele on saatesõna kirjutanud tõlkija Alari Purju.