Bachelor of Arts Milligan College, 1911. Bachelor of Arts, Master of Arts University Tennessee, 1913. Doctor of Philosophy Cornell University, 1916.
His published work is chiefly in article form and is usually concerned with clarifying some particular problem and assessing possible solutions. This remained at the level of analysis and he was loath to propose specific social reforms. His earliest and most fundamental contribution was a clarification of profit theory, developing the crucial distinction between risk and uncertainty.
He then turned to capital theory and in the process launched a vigorous attack on the Austrian theory of capital. Other writings concern methodological and philosophical questions in relation to economics. His unwillingness to commit himself wholly to any single approach or answer deprived him of disciples but his deep effect on students and readers is well documented. Taught Universities Cornell, Chicago, Iowa, (and again) Chicago, 1928-1955.
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