Frank Hyneman Knight is well known for rehabilitating neoclassical economics with his 1924 critique of Pigouvian welfare economics. In Knight's thirty years at the University of Chicago, he thoroughly developed the notion that economic freedom and market competition are essential to maximize society's welfare. However, Knight's belief in the superiority of the market mechanism does not preclude serious concern about issues of social justice and reform.
This study seeks to establish Frank H. Knight's contributions to social economics. Elements of Knight's work will be compared to commonly recognized characteristics of a social economist. Knight's prominence in the discipline of economics warrants an investigation of his contribution to the intellectual history of social economics. The following section outlines a framework for isolating contributions to the field of social economics. Then, the specific elements of Knight's social economics will be considered.
Raines, J. Patrick. 1987. "The Social Economics of Frank H. Knight." E.C.R.S.B. 87-7. Robins School of Business White Paper Series. University of Richmond, Richmond, Virginia.