The American economist Frank Knight was a staunch opponent of government intervention in the economy. He was actively involved in the development of the theory of entrepreneurship in the first half of the last century.
Childhood and youth
In recent years, the discussion about the ways of further development of the economy has intensified again. Disputes of this kind regularly arise in times of crisis. And every time modern experts turn to the opinion of authorities from the past. Frank Knight is one of the luminaries and founders in the field of modern economic theory. It is enough to mention one work that remains in demand so far. The book is called Risk, Uncertainty, and Profit. The first theses of this large-scale work were published over a hundred years ago.
The future creator of the theory of entrepreneurship was born on November 7, 1885 in a large American family. The child was the first of eleven children who appeared in the house of a prosperous farmer. Parents at that time lived in Illinois. My father was engaged in the cultivation and sale of marketable corn. Mother raised children and ran the household. From an early age, Frank helped his mother with housework. He grew and developed a hardworking and purposeful child. He stood out among peers with intellectual abilities.
Scientific activity
Knight did well at school. No less successfully went in for sports and participated in social events. After completing school education, in 1911 he graduated from Milligan College, and received a bachelor's degree. In 1913 he received a Master of Philosophy from the University of Tennessee. The next stage in the career of a scientist was the famous Cornell University. Within its walls, Frank began to study economic theory. In 1916, he prepared and defended his doctoral dissertation on the topic "Theory of Entrepreneurial Profit."
The book on risks and uncertainty, popular among economists, was based on materials from a doctoral dissertation. After defending his dissertation in 1917, Knight switched to teaching at the University of Chicago. Here, with short interruptions, he taught until 1958. The economist gave lectures on the theory of value and distribution. The lecture course on the history of economic thought was very popular among students and specialists.
