Quotation of the Day…

by Don Boudreaux on July 1, 2014

in Economics

… is from page 313 of one of the most significant and insightful books on economic theory written in the 20th century, Frank Knight’s 1921¬†Risk, Uncertainty, and Profit:

We live in a world full of contradiction and paradox, a fact of which perhaps the most fundamental illustration is this: that the existence of a problem of knowledge depends on the future being different from the past, while the possibility of the solution of the problem depends on the future being like the past.

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