In 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...even professors of economics, to say nothing of the public, do not generally have scientific minds.
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 Knight