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

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 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. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

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

International Journal of Social Economics , Volume 31 (7): 12 – Jul 1, 2004

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Publisher
Emerald Publishing
Copyright
Copyright © 2004 Emerald Group Publishing Limited. All rights reserved.
ISSN
0306-8293
DOI
10.1108/03068290410540864
Publisher site
See Article on Publisher Site

Abstract

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.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Jul 1, 2004

Keywords: Economic theory; Social economics; Phenomenology

References