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Journal Article

The Ethics of Competition

Frank H. Knight
The Quarterly Journal of Economics
Vol. 37, No. 4 (Aug., 1923), pp. 579-624
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/1884053
Page Count: 46
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The Ethics of Competition
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Abstract

The central position of the value problem in economic policy.--The necessity of formulating ideals, of an "absolute ethics," 583.--Outline of article, 584.--I. Contrast between theory and practice of laissez-faire individualism, (a) in its value scale and organization of resources to produce values; (b) in its distribution of produce, 587.--II. Business as a game, 601.--The problem of a standard for judging games, 607.--Elements of a game: ability, effort and luck, 609.--Criticism of the business game, 609.--III. Competition as a motive, 612.--It is efficient as an incentive in getting things done, 614.--The question of what things; ethical vs. economic view of life, 614.--Contrast of emulation with pagan ideal of perfection, 619.--With Christian ideal of spirituality, 620.

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