Knowledge 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 KnightAlways history is being made; opinions attitudes and institutions change, and there is evolution in the nature of capitalism
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 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 Knight