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This note offers new archival insight into a 1925 polemical exchange between Frank Knight and John Maurice Clark that was hosted in the pages of Journal of Political Economy. Although the exchange centered on the effects of overhead costs on marginal productivity theory and the so-called adding-up theorem, it also provided significant elements to assess the methodological differences between two of the most representative American economists of the interwar years.

As population grows, industries blossom and demand for space increases, cities become the centre point for myriads of challenges for urban administrators. This chapter investigated challenges of urban development, land use changes and environmental impacts resulting from pressure on urban land. The study was primarily qualitative in nature and adopted a case study approach. The city of Ndola was selected for this purpose. Four institutions, namely, Zambia Environmental Management Agency (ZEMA), Water Resources Management Agency (WARMA), Kafubu Water and Sewerage Company (KWSC) and Ndola City Council (NCC), were used for data collection. At each institution, one official was purposively selected by management based on their knowledge and experience on the subject. The primary data were collected mainly through semi-structured questionnaires in face-to-face interviews. The chapter concludes that pressure for development land has resulted in increased demand for change of use, allocation and construction in environmentally vulnerable areas such as the Kafubu and Itawa River basins and their tributaries. This has further resulted in serious threats to the environment due to pollution of water sources from domestic and industrial waste. The chapter though argues that tools for overcoming these challenges are already provided for in the legislation, it is the implementation and effective coordination among agencies charged with planning, land allocation, water distribution and protection of the environment, such as ZEMA, WARMA, KWSC and NCC, which is lacking. Considering the foregoing, it is recommended that land and water administrative systems should be improved through among other things, effective consultation between various agencies involved in environmental management, zero tolerance to illegal land allocation and effective implementation of statutes.

Our chapter discusses the myriad ways in which Frank H. Knight’s Risk, Uncertainty, and Profit (RUP) has been incorporated by different streams of scholarship dedicated to institutional analysis since 1990, when bibliometric evidence indicates a revival of interest in his classic work. Using citation analysis, the authors identify clusters of scholarship that build on Knight’s contributions, assessing which of his insights were absorbed by different subfields and how these have been connected to recent topics and concerns. The authors then qualitatively explore these results to throw new light on the recent history of institutional economics, using Knight’s RUP as a window into the evolution of (and inter-relations between) different research traditions that currently populate the field, including new economic sociology, comparative politics, evolutionary economics, entrepreneurial studies, environmental social sciences, international political economy, and the anthropology of finance. The authors conclude that Knight’s legacy remains unsettled, with different groups selectively absorbing a subset of his ideas and developing them in relative isolation from research conducted elsewhere. Nevertheless, boundary work connecting these separate areas reveals possible spaces for collaboration among scholars who study institutions building explicitly on Knightian insights.

Iowa City is located on banks of the Iowa River in a gently rolling region in the eastern half of Iowa, about 250 miles west of Chicago. It was the state capital until 1858, when the government was moved to a more central location in Des Moines. In 1919, the year the Frank H. Knight family moved to Iowa City, it was a small university community of about 15,000. No doubt Knight and his wife Minerva found it a pleasant enough place to live and raise their young family. To Frank, the town and surrounding area must have seemed much like that of Bloomington, IL, near where he was born and raised. For the first few years in Iowa City the Knight family lived in an 1890s vintage house close to the campus, and just around the corner from a public elementary school.³