James M. Buchanan on Frank Knight

“[The Economic Organization by Frank Knight provided] the elements of theory that helped to establish for Chicago its eminence in neoclassical economics.”

“To Knight the task for economists (and for social philosophers) is not to be located at the extensive margin of "science." The task is to be located squarely at the level of elementary common sense. No sophisticated analysis is required to recognize that legally-enforced wage floors cause unemployment or that inflation cannot increase production in any long-term sense. But many men are prejudiced and romantic fools.”