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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 Economics – Emerald Publishing
Published: Jul 1, 2004
Keywords: Economic theory; Social economics; Phenomenology