"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 H Knight, "Risk, Uncertainty, and Profit", 1921)
"We live in a world full of contradiction and paradox, a fact of which perhaps the most fundamental illustration is this: that the existence of a problem of knowledge depends on the future being different than the past, while the possibility of the solution of the problem depends on the future being like the past." (Frank H Knight, "Risk, Uncertainty, and Profit", 1921)
"We must infer what the
future situation would have been without our interference, and what change will
be wrought in it by our action. Fortunately or unfortunately, none of these
processes is infallible, or indeed ever accurate and complete."
"All science is static in the sense that it describes the unchanging aspects of things." (Frank Knight, "The Ethics of Competition", 1923)
"It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest." (Frank Knight, "The Ethics of Competition", 1923)
"The 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 Knight, "The Ethics of Competition", 1923)
"There is no sense in
making statements that will not continue to be true after they are made."
"Market competition is
the only form of organization which can afford a large measure of freedom to
the individual." (Frank Knight, "Freedom and Reform", 1947)
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