American economist Frank Knight was a staunch opponent of government intervention in the economy. He was actively involved in the development of the theory of entrepreneurship in the first half of the last century.
Childhood and youth
In recent years, the discussion about the ways of further economic development has intensified again. Disputes of this kind regularly arise during periods of crisis. And every time modern experts turn to the opinion of authorities from the past. Frank Knight is one of the leading figures and founders of modern economic theory. Suffice it to mention one job that remains in demand to this day. The book is called Risk, Uncertainty and Profit. The first theses of this large-scale work were published over a hundred years ago.
The future creator of the theory of entrepreneurship was born on November 7, 1885 in a large American family. The child became the first of eleven children who appeared in the home of a successful farmer. Parents at that time lived in Illinois. My father was engaged in the cultivation and sale of commercial corn. The mother raised the children and managed the household. Frank helped his mother with housework from an early age. He grew up and developed as a hardworking and purposeful child. He stood out among his peers for his intellectual abilities.
Scientific activity
Knight did well at school. He was equally successful in sports and participated in social events. After completing his school education, in 1911 he graduated from Milligan College, and received a bachelor's degree. In 1913 he received a master's degree in philosophy from the University of Tennessee. The next stage in the career of a scientist was the famous Cornell University. Within its walls, Frank began to study economic theory. In 1916, he prepared and defended his doctoral dissertation on the Theory of Entrepreneurial Profit.
A popular book on risk and uncertainty among economists is based on materials from a doctoral dissertation. After defending his dissertation in 1917, Knight moved on to teach at the University of Chicago. Here, with short breaks, he taught until 1958. The economist lectured on the theory of value and distribution. The course of lectures on the history of economic thought was very popular among students and specialists.
Recognition and privacy
For his great contribution to the development of market mechanisms, Frank Knight was awarded the Francis Walker Medal. This award is presented once every five years to prominent American economists. The scientist was elected president of the American Economic Association.
Knight's personal life is sparingly reported in the media. The economist married twice. First time in 1911 with Minevra Sheldburn. They had three daughters and a son. In 1928, the marriage broke up. Secondly, Frank created a family with Ethel Verry. The husband and wife raised and raised two sons. Knight passed away in April 1972.
