Frank Hyneman Knight

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Frank Hyneman Knight was an influential American economist, known primarily for his significant contributions to the field of economic theory and philosophy. He was a pioneer in the study of uncertainty and the role of competition in economics. His work emphasized the importance of ethical considerations in economic practices and the necessity of competition for a healthy economy. Knight's most notable works include "Risk, Uncertainty, and Profit," where he differentiated between measurable risk and unmeasurable uncertainty, laying the groundwork for future economic theories.

Knight's academic career was largely associated with the University of Chicago, where he influenced many students and scholars. He was a prominent figure in the Chicago School of Economics, advocating for the importance of free-market principles. His thoughts on the intersection of ethics and economics continue to resonate in contemporary discussions about market behavior and the moral implications of economic decisions. Knight's legacy endures through his writings and the impact he had on both his students and the broader field of economics.