DISCUSSION.

This article focuses on the research paper of Professor Frank H. Knight on immutable law in economics. The exclusion in his paper is business cycles and presumably dynamic theory. They are not mentioned in the discussion of theory, and cycles are specifically classed in the category of "reality" where this term is opposed to "theory." Yet "theorists" study the cycle and other dynamic problems, and propound theories about them. Monopoly and all of its many variations and amalgamations are likewise excluded, relegated to "reality" as opposed to "theory." In Professor Knight's system, "economic theory" is again narrowed and estranged from reality through a kind of fatalistic attitude towards unrealistic assumptions which always "must" for some unaccountable reason be made. Professor Knight seems to have bound economic theory hand and foot with limiting and narrowing assumptions, and leaves the reader with the uncomfortable feeling that he can like it or lump it, for that is just the way "theory" is.