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    The possibility of saying anything about a thing rests on the assumption that it preserves its identity, or continues to be the same thing in the respect described, that it will behave in future situations as it has in past.


    — Frank Knight

    #anything #assumption #behave #continues #described



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    Buchanan were all students of Knight at Chicago. Ronald Coase did not take courses from Knight but said he was a major influence on his thinking. Nobel laureates Milton Friedman George Stigler and James M.

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