The Ethics of Competition

Frank H. Knight

The Quarterly Journal of Economics, 1923, vol. 37, issue 4, 579-624

Abstract: The central position of the value problem in economic policy. — The necessity of formulating ideals, of an "absolute ethics," 583. — Outline of article, 584. — I. Contrast between theory and practice of laissez-faire individualism, (a) in its value scale and organization of resources to produce values; (b) in its distribution of produce, 587. — II. Business as a game, 601. — The problem of a standard for judging games, 607. — Elements of a game: ability, effort and luck, 609. — Criticism of the business game, 609. — III. Competition as a motive, 612. — It is efficient as an incentive in getting things done, 614. — The question of what things; ethical vs. economic view of life, 614. — Contrast of emulation with pagan ideal of perfection, 619. — With Christian ideal of spirituality, 620.

Date: 1923
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