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The Economic Organization - Frank Hyneman Knight (Hardcover)
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The Economic Organization - Frank Hyneman Knight (Hardcover)
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When originally released, Frank Hyneman Knight's The Economic
Organization revitalized the teaching of economic theory in America
during the 1930s, laying the foundation for the price theory
revolution led by economists emerging from Knight's circle at The
University of Chicago. Knight shows that when societies choose to
allow market organization, their economy simultaneously solves the
fundamental functions of valuation and efficiency. It also
organizes the production and distribution of resources, providing
incentives for progress. The Economic Organization provides a short
introduction to the basic principles of supply, demand, and
distribution that emerge from neoclassical price theory. The
central role of the price mechanism in market organization is
illustrated neatly by Knight's "wheel of wealth" the circular flow
diagram most often identified with macroeconomic flows, but
introduced here for price theoretic reasons. This version also
includes his essay on "Utility and Cost," which provides a
seamlessly integrated alternative-cost interpretation of
neoclassical theory. This expanded edition of The Economic
Organization includes a new introduction by Ross B. Emmett, which
expands upon the short note on capital theory inserted in the
original. Knight wrote three versions of the note for student use,
and all three are included in the second chapter. Few books have
changed the landscape of American economics and economic education
as much as Knight's The Economic Organization. This book should be
read by all economists, historians, and policy makers.
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