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Most striking feature... is the author’s failure to understand the elementary mechanics of the competitive economic organization.

— Frank Knight

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Economics and ethics naturally come into rather intimate relations with each other since both recognizedly deal with the problem of value.

A civilization which is dominated by this matter-of-fact insight must prevail against any cultural scheme that lacks this element. This characteristic of western civilization comes to a head in modern science, and finds its highest material expression in the technology of the machine industry.

Of the American institutionalists, his most generous comments concerned Commons’s work, work that he regarded as hopelessly unsystematic but highly ‘suggestive and valuable’

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Quote text and notes from Wikiquote: Frank Knight (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.