One of many controversies surrounding the work of Frank Knight involves the question of whether, or to what degree, his ideas were consistent with those of American pragmatism. Substantive textual evidence can be found to support almost any simple answer to the question. This paper argues that...

It is often argued that the inability of Arrow-Debreu general equilibrium theory to produce an adequate proof of the stability of the Walrasian price adjustment mechanism was one of the program's most significant failures. This paper will not question this standard interpretation of the history...