Advanced Search
MyIDEAS: Login to save this paper or follow this series

Unfolding the Allegory behind Market Communication and Social Error and Correction

Contents:

Author Info

  • Klein, Daniel

    ()
    (George Mason University, Ratio Institute)

Abstract

One aspect of the present paper is to draw out the Adam Smith in Friedrich Hayek. I suggest that common economic talk of market communication, market error and correction, and policy error and correction invokes a spectatorial being and appeals to our sympathy with such being. Behind such common economic talk, I suggest, are implicit allegories wherein an allegorical figure runs a system of superior knowledge, communication, and voluntary cooperation. Theoretical discussions of social error invoke the notion of agent error applied to the allegorical being. Similarly, theoretical talk of social correction invokes the notion of agent correction applied to the allegorical being. The allegory behind such talk is vital and necessary because without it the talk of social or market communication, error, and correction cannot be sustained. Unfolding the allegory clarifies the meaning, limitations, and value of such talk. Making what had been implicit explicit helps economists to avoid overstating their generalizations or making those generalizations sound more precise and accurate than they are. Meanwhile, scholars have pointed out that spectating impartially involves something of a paradox – distant-closeness, or cool-warmth. Concurring, I explore the connections between the features of the allegorical being and the doings of the economic agents. I suggest that the cogency of such theorizing depends on such correspondences, and that they are matters of culture, of both the context within which the theorizing is done and of the context theorized about.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://ratio.se/media/97856/dk_unfolding4.pdf
Download Restriction: no

Bibliographic Info

Paper provided by The Ratio Institute in its series Ratio Working Papers with number 133.

as in new window
Length: 34 pages
Date of creation: 26 Mar 2009
Date of revision: 05 May 2009
Handle: RePEc:hhs:ratioi:0133

Note: Forthcoming in The Adam Smith Review
Contact details of provider:
Postal: The Ratio Institute, P.O. Box 5095, SE-102 42 Stockholm, Sweden
Phone: 08-441 59 00
Fax: 08-441 59 29
Email:
Web page: http://www.ratio.se/
More information through EDIRC

Related research

Keywords: Market communication; price system; error; correction; coordination; Adam Smith; Friedrich Hayek; impartial spectator; invisible hand;

Find related papers by JEL classification:

This paper has been announced in the following NEP Reports:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. von Hayek, Friedrich August, 1974. "The Pretence of Knowledge," Nobel Prize in Economics documents 1974-2, Nobel Prize Committee.
  2. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211.
  3. Daniel Klein, 1997. "Convention, Social Order, and the Two Coordinations," Constitutional Political Economy, Springer, vol. 8(4), pages 319-335, December.
  4. Klein, Daniel B, 1999. " Discovery and the Deepself," The Review of Austrian Economics, Springer, vol. 11(1-2), pages 47-76.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Boettke, Peter, 2010. "Corridors, Coordination and the Entrepreneurial Theory of the Market Process," MPRA Paper 33597, University Library of Munich, Germany.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:hhs:ratioi:0133. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Martin Korpi).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.