Knowledge Flat-talk: A Conceit of Supposed Experts and a Seduction to All
AbstractArticulate knowledge entails the triad: information, interpretation, and judgment. Information is the reading of the facts through a working interpretation. Much of modern political economy has miscarried by discoursing as though interpretation were symmetric and final. This move has the effect of flattening knowledge down to information – here dubbed “knowledge flat-talk.” Economic prosperity depends greatly on discovery, but discovery is often a transcending of the working interpretation, not merely the acquisition of new information. Models typically assume that the modeler’s working interpretation is common knowledge. But often the sets of relevant knowledge of the relevant actors do not approximate the common knowledge assumption. We need better understanding and appreciation of asymmetric interpretation and its dynamics.
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Bibliographic InfoPaper provided by The Ratio Institute in its series Ratio Working Papers with number 140.
Length: 20 pages
Date of creation: 21 Sep 2009
Date of revision:
Note: Published in The Independent Review
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knowledge; information; interpretation; judgment; common knowledge;
Find related papers by JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
- D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-09-26 (All new papers)
- NEP-CBE-2009-09-26 (Cognitive & Behavioural Economics)
- NEP-KNM-2009-09-26 (Knowledge Management & Knowledge Economy)
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.:
- Bryan Caplan, 2005. "From Friedman to Wittman: The Transformation of Chicago Political Economy," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 1-21, April.
- Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
- David Lipka, 2012. "The Max U Approach: Prudence-only, or Not Even Prudence? A Smithian Perspective," ICER Working Papers 09-2012, ICER - International Centre for Economic Research.
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