"Frank Knight was a thinker of the first importance and never more pertinent than he is in these years. The depths of his insights and his trenchant formulations might serve to weaken some of the prejudices of the present age. That is something to be fervently desired. Whether or not this republication can succeed in doing so, does not diminish the gratitude which is due to Liberty Fund for having reprinted this invaluable work, the value of which is enhanced by Professor Buchanan's vivid characterization of Frank Knight in his foreword."-- Edward Shils, University of ChicagoThe fifteen essays in this collection, first published in 1947, treat a variety of economic, social, political, and philosophical problems and were written by a legendary professor of economics at the University of Chicago.Professor Knight (1885-1972) wrote from the viewpoint of ethics as well as economics. His own words best describe his objective in this book: "The basic principle of science--truth or objectivity--is essentially a moral principle. The presuppositions of objectivity are integrity, competence, humility.

All coercion is absolutely excluded in favor of free meeting of free minds.".