1923/08/01 by Frank H. Knight · 3 citations
Economics, Econometrics and Finance · #Economic Theory and Institutions
paper · doi:10.2307/1884053
openalex publication_date 1923/08/01 · openalex created_date 2025/10/10 · openalex updated_date 2026/07/29
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.