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2014 Reprint of Original 1935 Edition. Exact facsimile of the original edition, not reproduced with Optical Recognition Software. "The Ethics of Competition" is nothing short of visionary. Knight foresaw virtually all of the reductionist tendencies that have come to plague the discipline he cultivated, neoclassical economic theory. Even more impressively, Knight related these disciplinary proclivities back to themes as grand as the fate of liberal democracy and human nature. Knight believed that the human craving for simple, mechanical explanations inevitably leads to frustration rather than material satisfaction. Chapters include: "Economic Psychology and the Value Problem," "The Limitations of Scientific Method in Economics," "Marginal Utility Economics," "Fallacies in the Interpretation of Social Cost," and "Economic Theory and Nationalism." This volume will be of essential value to economists, political theorists, philosophers, and sociologists. Frank H. Knight (1885-1972) was one of the original founders of the Chicago School of Economics. He was Morton D. Hall Distinguished Service Professor, Emeritus, of Social Science and Philosophy and was most famous for his work on the distinction between economic risk and uncertainty.