[Paleopsych] Phil Soc Sci: Review of Frank Knight's Selected Essays
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Review of Frank Knight's Selected Essays
PHILOSOPHY OF THE SOCIAL SCIENCES / December 2004
[Knight was the grand-director of my dissertation, meaning that he was the
dissertation director of my own dissertation director, James Buchanan. I
met him only once but somehow think I was his student. He raised questions
more than propounded answers. Not many students cared for this, but to
those he did, he was legendary. Read his essays. They will stick, long
after any number of Big Mac articles do.
[Sorry about the words running together, but it's easy enought to read.]
Ross B.Emmett,ed., Selected Essays by Frank H. Knight. Volume 1: What Is
Truth in Economics? University of Chicago Press, Chicago, 1999. Pp. 406.
$58.00 (cloth).
Ross B. Emmett, ed., Selected Essays by Frank H. Knight. Volume 2:
Laissez-Faire: Pro and Con. University of Chicago Press, Chicago, 1999.
Pp. 459. $58.00 (cloth).
Frank Knight (1885-1972) was a very enigmatic economist. On one hand, he
was the intellectual father of the Chicago school of economics, he was an
early and effective expositor of the schools most characteristic
positions (such as a belief in the benefits of the competitive market, the
wrongheadedness of Keynesian macroeconomics, and the explanatory power of
rational choice theory), and he was also a revered teacher for many of the
Nobel prize winners whose names have come to be associated with the
Chicago tradition (including Gary Becker, Milton Friedman, and George
Stigler). On the other hand, Knight was also a consistent critic of the
idea that economicscouldever be a capital-S science in the image of the
natural sciences, and the view (characteristic of Chicago) that all that
is required for effective social policy is a good understanding of
economic theory. If that was not enough, he continually insisted that
competitive market economies really do have a number of endemic, and not
easily rectified, social problems. An enigmatic economist indeed!
The editor of these two volumes, Ross Emmett, is fairly young in his
academic career, but thus far it has been a career dedicated almost
exclusivelyto the work of Frank Knight. He is now considered to be the
foremost authority onthismuch-quoted, butlittleunderstood,
Chicagoeconomist. Emmettisan excellent historian of economic thought; he
is a dedicated and careful scholar immersed in Knights life, and yet he
seems to be devoid of the hagiographic tendencies that often taint the
research of those who dedicate so much time and effort to the work of a
single individual. Although Emmett is primarily a historian
ofeconomicthought, ratherthana practicingeconomist oraphilosopher of
science, he has both an effective command of economic theory and an
excellent eye for philosophical subtlety. Frank Knight is not Adam Smith
or Karl Marx, not a "great" economist whose ideas (or misreadings of his
ideas) haveshapedthe basiclandscape ofmodernlife. Andyet, Knightisstill
with us in fundamental ways. His problems--the problems of organizing
social life in a world where individuals hold widely divergent fundamental
values; where market efficiency is essential to, but should not exhaust,
meaningful human interaction; and where the scientific form of life
dominates, but also harbors, a healthy resistance to reductionism and the
suppression of other aspects of human existence--are not only still with
us, they have, after the half-century or so detour proffered by
"scientific" Marxism, returned withavengeance. Knightisthus morethanjust
afigureinthe intellectualhistoryofthe economicsprofession. He is a social
thinkerwhose ideas deserveto be considered, and considered in their
original complexity. How ever well intentioned his students, their
vitiated version of his message is conditioned by their own social and
disciplinary context, and is thus no substitute for the original.
Although Emmett does not necessarily present Knights views as a
"solution" to the social problems of then or now--in fact, faith in neatly
packaged "solutions" was always part of the problem for Knight--he does
garner Knightian thoughts, questions, and criticisms in a way that allows
the reader to see both the breadth and the contemporary relevance of
Knights work. This is particularly clear from the selection of papers
contained in these two volumes. The volumes contain twenty-nine previously
published papers-- some have also been reprinted in other collections, but
most have not--and they cover a wide range of topics, including the
philosophy of social science, pure economic theory, the liberal tradition
in political philosophy, and the
relationshipbetweenethicsandsocialscience.Volume1containstheeditors
introductory essay and fourteen Knight papers published between 1924 and
1940. Volume 2 contains fifteen papers published between 1939 and 1967.
These volumesclearlyrepresent animportant contribution totheliterature--
both the literature about and by Knight, and the history and philosophy of
social theory more generally--and the editor has done an excellent job
preparing them for publication by the University of Chicago Press. Since a
biography of Knight does not currentlyexist, I recommend these
essaysasthebest extendedintroduction to hislifeandwork. Itis anexcellent
collection--intelligently selected, well organized, and carefully
edited--so much so that it leavesthisreviewerinthe unusualpositionof
havingessentiallynothingcritical tosayaboutthebooks Iam reviewing (I
evenlikethepictureof Knighton the cover).
Given this dearth of criticism, I will use the space that I would normally
devote to such remarks to briefly discuss the aspect of Knights work that
should be of most interest to readers of this journal: his philosophy of
social science. If one defines "naturalism" in the way that most
philosophers of social science have traditionally defined it, then Knight
was most decidedly not a naturalist. Hedidnotbelieve intheexistenceof
somethingthat couldbe called "the scientific method" that had proved
itself as the proper path to knowledge aboutthenatural world,
andthatcould, orshould, beappliedina similar way to the investigation of
social life. In Knights words, "Human phenomena are not amenable to
treatment in accordance with the strict cannons of science" (Vol. 1, p.
23). There is in fact a "science of economics," but it ismerelythe science
of "economizing"--the instrumental rationalityofusing the most effective
means to achieve given ends--and it involves intentionality, mental
states, and social forces that are not objectively "observable" in
thewaythat naturalscience requires. Notonlyis this economic science rather
commonsensical and quite unlike like physics, it is not all that is
necessary to understand social life. Human life is multifaceted--it is
about values and instrumental rationality, about who we think we should be
as much as who we are, about play, and about luck; understanding such a
complex phenomenon (or intelligent deliberation about policies affecting
it) requires a variety of different approaches. Understanding and
affecting social life is fundamentally a pluralist endeavor; or in the
language of economics, various approaches to social science are
complements, not substitutes (Vol. 2, p. 125).
Knight did not defend anything that might be considered a standard view
within the philosophy of social science (in either his day or ours)--he
was neither a behaviorist nor an interpretativist--and yet many of his
concepts and arguments seem quite contemporary and familiar. Knight was a
fallibilist, he recognized the social-and theory-ladenness of
observations, he was aware of the underdetermination problem as it relates
to the testing of scientific theories, he emphasized the social
construction of the individual, and he rejected the strict separation of
positive science and normative values (cognitive or ethical). Such views
arenot uncommoninthe contemporary literature.
Whatmakes Knight so intriguing is not only that he was saying suchthingsin
the 1930s but also that he combined such views with defense of rational
choice economics, a firm commitment to a thoroughly liberal notion of
freedom, and a systemic distrust of anything that smacks of collective
agency. Frank Knight was quite an interesting character, and the papers in
these two volumes repeatedly remind the reader of that fact: both the part
about his being interesting and the part about his being quite a
character.
--D. Wade Hands
University of Puget Sound
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