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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Paper 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: Handle: RePEc:hhs:ratioi:0140
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Find related papers by JEL classification: A10 - General Economics and Teaching - - General Economics - - - General D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
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