Kicking sabbatical research into high gear with another visit to the Frank Knight archives. “Uncertainty is one of the fundamental facts of life.” #uncertainty #entrepreneurship #research
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Great question! Today I focused mostly on the philosophical foundations of Knight’s category of uncertainty — examining how he theorized subjective probabilities. Tomorrow I’ll look closer at his work on the “enterprising system,” liberty, institutions & economic freedom.
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Very interesting. I recently found out that Knight supported the continuation of price controls in 1945. I was astonished to learn that as it seems to go against the thrust of his writings theguardian.com/business/com…
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One of the things I find so interesting about Knight is his deep intellectual integrity. In a general sense, he is still in process of “working price theory out” in his own mind during this era. Here is part of a letter he is writing back to Econometrica re: criticisms of PT:
Jan 25, 2022 · 5:02 PM UTC
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