Frank H. Knight's thought revisited Subjectivism, interpretation and social economics

This paper discusses Frank H. Knight's thought under three major themes, namely subjectivism, interpretation and social economics. Knight's economics starts with a conscious mind construct which is able to infer under partial knowledge. Conscious human action is purposive, forward looking...

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Bibliographic Details
Published inInternational journal of social economics Vol. 31; no. 7; pp. 655 - 666
Main Author Yu, Tony Fu-Lai
Format Journal Article
LanguageEnglish
Published Bradford Emerald Group Publishing Limited 2004
Subjects
Assaults
Consciousness
Economic theories
Economic theory
Economics
Economists
Entrepreneurs
Entrepreneurship
Human agency
Knight, Frank
Knight, Frank H
Knowledge
Phenomenology
Philosophy
Pioneers
Social economics
Social sciences
Socioeconomic factors
Studies
Subjectivity
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Summary:This paper discusses Frank H. Knight's thought under three major themes, namely subjectivism, interpretation and social economics. Knight's economics starts with a conscious mind construct which is able to infer under partial knowledge. Conscious human action is purposive, forward looking and extends towards other individuals. Rejecting neoclassical positivism, Knight points to the need for economics to reconceptualize itself as an interpretative study, a methodology in the Weberian tradition. Furthermore, his allure for phenomenological economics opens a methodological possibility for the Austrian School of Economics. This paper concludes that Knight's insight earns himself a place in the history of subjectivist economics.
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ISSN:0306-8293
1758-6712
DOI:10.1108/03068290410540864