book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

The L.S.E.’s 1933 reprint edition of Frank Knight’s Risk, Uncertainty and Profit is available in full view format and in pdf at Google books.  Knight’s text was used as the standard microeconomics textbook by Lionel Robbins and Friedrich Hayek at the London School of Economic in the 1930s and 1940s.  The editorial note of the . . . → Read More: book: Frank Knight’s “Risk, Uncertainty and Profit” available on Google

photo: Hayek Teaching at the L.S.E. in 1948

Friedrich Hayek with students in 1948.

This photo accompanies the London Telegraph blog entry “Financial crisis shows why we should admire Friedrich Hayek” posted by Philip Booth.

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I think that permanence and stability are the cardinal virtues of the legal rules that make private innovation and public progress possible. To my mind there is no doubt that a legal regime that embraced private property and freedom of contract is the only one that in practice can offer that permanence and stability .. In reaching this conclusion, I have been heavily influenced by the work of Friedrich Hayek. — Richard Epstein

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