Economics Quote by Frank Knight
“...even professors of economics, to say nothing of the public, do not generally have scientific minds.”
About This Quote
Source Book: Risk, Uncertainty and Profit, 1921
Economists often lack scientific rigor, unlike other fields.
In simple terms: Economists aren’t always scientific.
Key Takeaway
Apply scientific methods to economics.
Themes
economics
science
methodology
Mood
critical
analytical
Type
academic
philosophical
When to use this quote
- policy analysis
- academic research
- education reform
Key Concepts
epistemology
critical thinking
Questions to Reflect On
- Can economics be fully scientific?
- What methods improve rigor?
A Different Perspective
Economic phenomena may resist strict scientific modeling.
![“[My father] was also a lawyer in his bank and specialized in tax law. He would have to do the tax returns for all the Harvard profs because they were buffaloed by that kind of reasoning. Professors in the economics department, even they knew nothing about it.” quote by Paul Laffoley](https://sms4smile.com/quotes/img-quotes/2c6/paul-laffoley-7077_department_my-father-was-also-a-lawyer-in-his-bank_1083145.jpg)
