ولد في 1885 بمقاطعة مكلين (إلينوي) و حصل على دكتوراه سنة 1916.[3] درس في جامعة تينيسي و قضى معظم حياته الأكاديمية في جامعة شيكاغو. كان أحد الاقتصاديين الرائدين في العالم بعد أن قدم مساهمات كبيرة في العديد من المجالات كعلم الاقتصاد والاجتماع والفلسفة. وقد عرف بكتابه Risk Uncertainty and Profit.
كان نايت مؤسسا ونائبا لرئيس مجتمع مونت بيليرين لمفكرين الاقتصاديين.[4]
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