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

Tony Fu‐Lai Yu (Feng Chia University, Taiwan, Republic of China and School of Business, Australian Defence Force Academy, Canberra, Australia)

International Journal of Social Economics

ISSN: 0306-8293

Article publication date: 1 July 2004

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.

Keywords

Citation

Fu‐Lai Yu, T. (2004), "Frank H. Knight's thought revisited: Subjectivism, interpretation and social economics", International Journal of Social Economics, Vol. 31 No. 7, pp. 655-666. https://doi.org/10.1108/03068290410540864

Publisher

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Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited