Economy the economic organization and its importance
Frank Knight together with Jacob Viner founded the Chicago School of Economics and was a comprehensive and stern scholar of economics The Economic Organization was originally a series of lecture notes that would be printed as a course pack for students in economics and was only much later published as a book This book was also interestingly at one time required reading in the UChicago undergraduate core alongside Max Weber and others and the idea was that students were to have read the EO prior to being exposed to actual analytical models in economics And for good reason the EO does not use any mathematics there may be one Cobb Douglas type utility function in a footnote at the end of the book but it constructs and establishes the space economics as a social science occupies in the family of social sciences Moreover Knight did not believe that all problems or phenomena could be described or even answered by economics he saw economic analysis as a tool with predictive power that should be used alongside other tools like institutionalism and history While an old text Knight s EO is worth reading for any student of economics at the undergraduate or graduate level if only to clarify some common questions misconceptions confusions that arise at any level of study what is economics why do we make so many simplifying assumptions What do we gain by doing that And what do we lose how do we know when a problem or phenomena in the world is an interesting economic problem how have some of the inconsistencies between Smith Ricardo Marshall etc been resolved Overall this is a book to read to be challenged to use economics as a powerful tool to examine serious world problems and to reread As clear as Knight is as a writer there are many subtleties in his writing that escape the novice and even seasoned economists 9781412851213 According to Prof Ross Emmett There are few books in economics that have had as much impact as Knight s famous little text Circulating among students in mimeographed form marked up and drawn upon over and over again the pamphlet made its impact even without being assigned Here read this you can imagine one student saying to another it will help you figure out what your econ prof is saying Today we watch YouTube videos in the 1930s and 1940s you got a hold of a copy of The Economic Organization. Kindle the economic organization book series As such it was with much curiosity that I decided to read this 100 page intro to economics I did not read the appended article on cost and utility In general it is a good introduction to the problems that social organization must solve and specifically to the way that a market society functions Knight is very clear and wise in his writing and he does a very good job in explaining the role of the price system in coordinating humans towards the solution of many difficult problems of social organization His discussion of profit is also satisfactory. The economic organization epub pdf However in its fundamental approach the text deviates a bit from what I believe should be understood about economics and one gets the sense that some of the treatments are a bit outdated Moreover his treatment of capital and interest as well as of monopoly competition theory in my opinion do not leave the correct impression That is why I give this only 3 starts. The economic organization of a p.o.w. camp To sum up if you want to understand economics there are better alternatives to read nowadays But if you want a short thoughtful discussion of economic organization and the functioning of a market economy this is indeed a very nice little book 9781412851213
When originally released The Economic Organization revitalized the teaching of economic theory in America during the 1930s The text provides a short introduction to the basic principles of supply demand and distribution that emerge from neoclassical price theory This expanded edition includes a new introduction which expands upon the short note on capital theory inserted in the original Few books have changed the landscape of American economics and economic education as much as The Economic Organization making it essential reading for all economists historians and policy makers The Economic OrganizationFrank Hyneman Knight was an American economist and professor at the University of Chicago Amongst his students were several Nobel Prize laureates Milton Friedman George Stigler and James M Buchanan..
