In the long run all producers are forced to use the most efficient methods or give place to others who do.
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 KnightThe probability of the people in power being individuals who would dislike the possession and exercise of power is on a level with the probability that an extremely tender-hearted person would get the job of whipping-master in a slave plantation.
Frank KnightMarket competition is the only form of organization which can afford a large measure of freedom to the individual.
Frank KnightThere is no sense in making statements that will not continue to be true after they are made.
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