Ethics of Competition was the first volume of collected
essays by Knight.
The volume was published in honor
of Professor Knight's fiftieth birthday. The essays were
selected and edited by Milton Friedman, Homer Jones, George
and Allen Wallis. The bibliography of Knight's work included
in the volume was initially prepared by Alice Hansen Jones,
while she was working as an assistant to Frank Knight in
the early 1930s, and was expanded for publication with the
assistance of Homer Jones.
four students who selected the essays chose to focus on collecting
articles which represented Knight's philosophical and methodological
interests from the early 1920s to the mid-1930s. A deliberate
choice was made to include only one article on interest and
capital theory, in part because this was a subject on which
Knight's views were under alteration (although Knight never
did write the book that the preface promised he
the volume was previously unpublished: "Economic Theory
and Nationalism," which was too long for journal publication
in any case.
Ethics of Competition remains one of the central statements
of Knight's thought. As the Times Literary Supplement said
of it: "One page after another in [this] book is filled not
merely with great wisdom and subtelty, but with constant aphoristic
sentences that strike the reader at once with their pertinence
and their truth." With only a few interruptions, the volume
has remained in print since its publication.