I have been....moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street.
Frank KnightGoods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.
Frank KnightI have been....moved to wonder whether my job is a job or a racket, whether economists, and particularly economic theorists, may not be in the position that Cicero, citing Cato, ascribed to the augurs of Rome-that they should cover their faces or burst into laugher when they met on the street.
Frank KnightAlways history is being made; opinions attitudes and institutions change, and there is evolution in the nature of capitalism
Frank KnightIt is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.
Frank Knight