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Frank Hyneman Knight was one of the most influential economists of the twentieth century. After obtaining his Ph.D. in 1916 at Cornell University, Knight taught at Cornell, the University of Iowa, and the University of Chicago. Knight spent most of his career at the University of Chicago. Some of his students at Chicago later received the Nobel Prize. Knight is known as the author of the book Risk, Uncertainty and Profit, a study of the role of the entrepreneur in economic life. He also wrote a brief introduction to economics entitled The Economic Organization, which became a classic of microeconomic theory. But Knight was much more than an economist; he was also a social philosopher. Later in his career, Knight developed his theories of freedom, democracy, and ethics. After retiring in 1952, Knight remained active in teaching and writing.
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