Frank Knight

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Frank Knight was an influential American economist and one of the founding figures of the Chicago school of economics. He made significant contributions to the fields of microeconomics and economic theory, particularly in the areas of uncertainty and entrepreneurship. His work emphasized the role of uncertainty in economic decision-making and the importance of the entrepreneur in a market economy. Knight's seminal book, "Risk, Uncertainty, and Profit," published in 1921, remains a cornerstone of economic thought, distinguishing between risk, which can be quantified, and true uncertainty, which cannot be measured or predicted.

Throughout his career, Knight engaged with various economic theories and challenged prevailing ideas, advocating for a deeper understanding of the complexities of economic behavior. He taught at the University of Chicago for many years, influencing a generation of economists, including Milton Friedman and George Stigler. Knight's legacy is marked by his critical approach to economic theory and his insights into the dynamics of capitalism, which continue to resonate in contemporary economic discussions.