Donald J. Dewey was born in Solon, Ohio on March 27, 1922. His father, Ralph, was professor of economics and department chair at the Ohio State University. After earning a bachelor's degree at the University of Chicago in 1943 and a master’s degree from the University of Iowa in 1947, Dewey served in the military during World War II. He then went on to attend the London School of Economics from 1948 to 1949, and joined the faculty at Duke University from 1950 to 1959. Dewey left Duke to teach economics at Columbia University from 1960 to 1992, chairing the department from 1973 to 1976, and eventually retiring in 1992. Dewey was known for his work on industrial organization, publishing dozens of articles and book reviews over the years. Dewey died on March 5, 2002 in Hastings-on-the-Hudson, New York.

Frank Hyneman Knight (1885-1972) was an economist, professor, social philosopher, and author. He attended college at American University in Harriman, Tennessee, before completing degrees at Milligan College (BA), the University of Tennessee (BS and MA), and finally Cornell University, where he earned his Ph.D. in Economics.

Knight spent most of his career teaching at the University of Chicago, helping to found the Chicago School. His book Risk, Uncertainty and Profit, published in 1921 and based on his Ph.D. at Cornell, has more than 138 editions. Knight died April 15, 1972; his ashes are interred in the crypt of First Unitarian Church of Chicago.