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Knowledge Flat-talk: A Conceit of Supposed Experts and a Seduction to All

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Author Info

  • Klein, Daniel B.

    ()
    (The Ratio Institute)

Abstract

Articulate 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 Info

Paper provided by The Ratio Institute in its series Ratio Working Papers with number 140.

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Length: 20 pages
Date of creation: 21 Sep 2009
Date of revision:
Handle: RePEc:hhs:ratioi:0140

Note: Published in The Independent Review
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Postal: The Ratio Institute, P.O. Box 5095, SE-102 42 Stockholm, Sweden
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Keywords: knowledge; information; interpretation; judgment; common knowledge;

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  1. 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.
  2. Wittman, Donald, 1989. "Why Democracies Produce Efficient Results," Journal of Political Economy, University of Chicago Press, vol. 97(6), pages 1395-1424, December.
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Cited by:
  1. 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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