Frank H. Knight : prophet of freedom / David Cowan. [electronic resource]

Includes bibliographies and index.

This book argues for the reconsideration of Frank Knight and the Chicago School of Economic thought in a post-Financial Crisis world. The author posits that the discussion of the founder of "Knightian Uncertainty" can reveal new insights into what the economy can do for society, as his prophetic insights can offer a view into the soul of the modern economy. The book first considers Frank Knight's early history and the unfolding of his economic philosophy before going on to evaluate his enduring legacy. All those interested in the influence of political and religious philosophy on economics will be delighted to discover the lasting impact of this great economic thinker.

Dedication; Preface; Contents; 1: A Prophet and€a€Pioneer; 1 God's Prophet; 2 An Observer of€Fools; 3 Founding of€the€Chicago School; 4 The Intellectual Milieu; 5 Economist, Historian, Theologian or Philosopher?; 6 Knight's Legacy; Bibliography; Secondary Sources; 2: Knightian Uncertainty; 1 Nothing Fundamentally New; 2 An Historical Enquiry; 3 Perfect Competition and€the€Real World; 4 An Analysis of€Risk and€Uncertainty; 5 Keynes and Knight on Risk and€Uncertainty; 6 A Social Conclusion; Bibliography; Secondary Sources; 3: The Grand Crusade.

1 Hayek and€Knight: A€Protracted Debate2 Establishing a€Capital Interest Theory; 3 The Problem of€Production and€Immortality; 4 Seeking Clarity in€Capital Interest Theory; 5 The Knight and€Machlup Exchange; 6 The Hicks Solution to€the€Austrian and€Knightian Problem; Bibliography; Secondary Sources; 4: Knight contra mundum; 1 Knight and€the€Austrians; 2 Knight and€Socialism; 3 Knight and€Kaldor; 4 Knight and€Keynes; 5 Conclusion; Bibliography; Secondary Sources; 5: The Economic Organization; 1 The Economic Organization; 2 The Price System; 3 Distribution Theory and€Interest.

4 Profit and€MonopolyBibliography; Secondary Sources; 6: Understanding the€Ethics of€Competition; 1 Knight's Classical Greek Roots; 2 The Ethics of€Competition Foundational Essays; 3 Chicago and€Austrian Morality; 4 The Ethics of€Knight and€Keynes; 5 Knight's Common Sense Philosophy; 6 Knight and€Original Sin; Bibliography; Secondary Sources; 7: Welfare Economics; 1 Knight's Dissent on€Welfare; 2 Welfare and€Social Limits; 3 The Challenge of€the€New Welfare Economics; 4 Welfare, Choice and€Freedom; 5 Welfare and€Justice; 6 The Knightian Pyramid; 7 Welfare and€Ethics.

3 Ontology and€the€Problem of€Progress4 Knight's View of€Limited Government; 5 Knight's Commonsense Philosophy Revisited; 6 A Concluding Note; Bibliography; Secondary Sources; Bibliography; Secondary Sources; Index.

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