Frank H. Knight

Frank H. Knight was an influential American economist and a key figure in the development of modern economic thought. Born in 1885, he is best known for his concepts of risk and uncertainty, distinguishing between measurable risk and unquantifiable uncertainty in decision-making. Knight argued that entrepreneurs play a crucial role in the economy by taking on uncertainty to innovate and create value. His work laid the groundwork for later theories in economics and management, emphasizing the importance of individual judgment and the unpredictable nature of the market. Knight's ideas continue to inform economic theory and business practices today.