Goods 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 KnightIn the long run all producers are forced to use the most efficient methods or give place to others who do.
Frank KnightThe truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant.
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 Knight