Agency, adaptation, and discussion in liberal societies: Lessons from Frank H. Knight

Abstract This article examines some of the distinct features of Frank H. Knight’s liberalism. While acknowledging the necessity of markets and competition, Knight critiques their potential to shape people’s preferences and foster problematic values, such as excessive rivalry and materialism, that threaten individual agency and social cohesion. For Knight, individual agency means more than merely exercising competence in achieving pre-determined preferences. He defends an expansive idea of agency