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Quotation of the Day…

Posted By Don Boudreaux On July 1, 2014 @ 7:32 am In Economics | Comments Disabled

… 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 [1]:

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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[1] Risk, Uncertainty, and Profit: http://www.amazon.com/Risk-Uncertainty-Profit-Frank-Knight/dp/1602060053/ref=la_B001HD41E0_1_1?s=books&ie=UTF8&qid=1404214196&sr=1-1

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