The truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant.
Frank KnightKnowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.
Frank KnightThe possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations as it has in past.
Frank KnightIf all properly economic problems were solved once for all . . . the social struggle and strife would . . . [not necessarily] be reduced in amount or intensity . . . in the absence of some moral revolution which could by no means be assumed to follow in consequence of this change itself.
Frank Knight