What is Truth in Capital Theory? Five Stories Relevant to the Evaluation of Frank J. Knightâs Contributions to the Capital Controversy
Author(s)
Emmett, Ross B.
Abstract
Economist Frank H. Knight in 1933 contributed to the controversy over Austrian capital theory and called for economists to devote themselves to using the scientific method and to searching for truth. The interwar period has many stories about progress, as historians of economics know. Sometimes it is implied that economists followed the advice of Knight. Knight was at odds with the Austrians during the 1930s over the theory of capital, and various themes occupied him. Theoretical debate can show differences in criteria of science and the division between personal life story and scientific search may blur.
