A Quote by Frank Knight
The truth seems . . . to be that in the ultimate and essential problem the economic factor is relatively superficial and unimportant.
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Conflicting economic interest is relatively unimportant as a cause of war.
The most essential factor to economic recovery today [1932] is the restoration of confidence.
I think the problem with the arts in America is how unimportant it seems to be in our educational system.
The physicist's problem is the problem of ultimate origins and ultimate natural laws. The biologist's problem is the problem of complexity.
Economic problems have no sharp edges. They shade off imperceptibly into politics, sociology, and ethics. Indeed, it is hardly an exaggeration to say that the ultimate answer to every economic problem lies in some other field.
Two-factor economics makes it clear that our economic problem is not what one-factor (labor-centric) thinkers assert: an inequitable distribution of income. It is an inequitable distribution of productive power, from which an unworkable distribution of income results.
The tendency of modern scientific teaching is to neglect the great books, to lay far too much stress upon relatively unimportant modern work, and to present masses of detail of doubtful truth and questionable weight in such a way as to obscure principles.
The ultimate freedom depends on knowing the ultimate Truth. Truth is not what people say it is, it is what it is. And Truth, quite remarkably, sets one free, just like philosophers have said down the ages.
If you're a prosecutor, and you believe the defendant is guilty, you only talk about ultimate truth, but not intermediate truth. If you're the defense attorney, you care deeply about intermediate truth, but you tend to neglect ultimate truth.
Through humour, we see in what seems rational, the irrational; in what seems important, the unimportant
We have reached a profound point in economic history where the truth is unpalatable to the political class - and that truth is that the scale and magnitude of the problem is larger than their ability to respond - and it terrifies them.
The factor that frequently determines whether people are going to make a particular choice is not the factor that counsels wisely or the one that leads to the greatest economic benefit. It's the one that's top of the consciousness in the moment.
The medium is as unimportant as I myself. Essential is only the forming.
The truth frequently seems unreasonable; the truth frequently is depressing; the truth sometimes seems to be evil, but it has the eternal advantage, it is the truth and what is built thereon neither brings nor yields to confusion.
Essential truth, the truth of the intellectualists, the truth with no one thinking it, is like the coat that fits tho no one has ever tried it on, like the music that no ear has listened to. It is less real, not more real, than the verified article; and to attribute a superior degree of glory to it seems little more than a piece of perverse abstraction-worship.
The economic model was formed by the constraints that I had: a small space, relatively inexpensive building materials, relatively inexpensive investment, a very efficient service line or assembly line.
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