The Political Economy of Frank Knight: Classical Liberalism from Chicago

Author: Sally, R.

Source: Constitutional Political Economy, Volume 8, Number 2, September 1997 , pp. 123-138(16)

Publisher: Springer

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Frank Knight, the founder of the Chicago School, is a leading twentieth century political economist who remains barely known in political science circles. The article surveys the political economy element in his work in the context of the classical liberal tradition from the Scottish Enlightenment to Hayek. It is argued that in the major compartments of Knight's political economy—his psychological assumptions of actor behaviour, his perspective on the nature of liberalism, his attention to the maintenance of order by way of traditions and morals—he renews classical [as opposed to other versions of] liberalism in modern times. The final section deals with Knight's thoughts on political democracy which, it is contended, complement his classical liberalism.

Document Type: Regular Paper

Affiliations: London School of Economics and Political Science, Houghton St., London WC2A2AE, United Kingdom.

Publication date: September 1, 1997

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