Frank H. Knight on social values in economic consumption: an archival note
Luca Fiorito and
Massimiliano Vatiero
The European Journal of the History of Economic Thought, 2021, vol. 28, issue 1, 126-141
Abstract:
We reproduce an unpublished address on “Social Values in Economic Consumption” which Knight prepared for a SSRC Conference in June 1931. This material sheds new light on Knight in two respects. First, anticipating what is known as the relative income hypothesis, Knight indicated that a general increase in income, not only leaves the individual’s relative position in society unaltered but makes her/his situation worse off due to the peculiar characteristics of the market for “personal services.” Second, this address provides further evidence of how, in spite of some substantial methodological differences, Knight’s research interests converged with those of the institutionalists.
Date: 2021
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DOI: 10.1080/09672567.2020.1776354
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