Frank Knight and behavioral economics
D. Wade Hands
The European Journal of the History of Economic Thought, 2023, vol. 30, issue 3, 341-368
Abstract:
Frank Knight was an enigmatic thinker: about economics, individual behavior more generally, ethics, epistemology, and a number of other subjects. However, his views on some topics often created tensions with his views on other topics. This paper will examine two of these Knightian tensions: his views on the relationship between homo economicus the actual human behavior and his views on the relationship between rational economic behavior and normative economics. It will be argued that Knight anticipated many of the anomalies identified by behavioral economics and yet did so while defending homo economicus to some degree.
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:eujhet:v:30:y:2023:i:3:p:341-368
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DOI: 10.1080/09672567.2023.2197249
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