Economics Has a Moment of Zen

Frank Knight (1885-1972) was one of the founders of the Chicago school of economics. Three of his students won Nobel prizes: George Stigler, Milton Friedman, and James Buchanan.

One of Knight’s most famous quotes is that “To call a situation hopeless is to call it ideal.”

This is because neither can be improved upon. Almost nothing in the world is ideal; this turns out to be a good thing.

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