Quotes from Frank Knight

Knowledge is more a matter of learning than of the exercise of absolute judgment. Learning requires time, and in time the situation dealt with, as well as the learner, undergoes change.

All science is static in the sense that it describes the unchanging aspects of things.

In the long run all producers are forced to use the most efficient methods or give place to others who do.

It is true practically if not altogether without exception that the changes studied by any science tend to equilibrate or neutralize the forces which bring them about, and finally to come to rest.

Goods move in response to price differences from points of low to points of higher price, the movement tending to obliterate the price difference and come to rest.

The possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations as it has in past.

Noi viviamo solo conoscendo qualche cosa del futuro; mentre i problemi della vita o almeno della condotta derivano dal fatto che noi ne conosciamo troppo poco.

There is no sense in making statements that will not continue to be true after they are made.

We have to adapt and overcome, that's all we can do.