A critical survey of J. K. Arrow'S theory of knowledge
AbstractIn my critical review of Arrow's theory of information, I show that despite its great achievements, this theory lacks the tacit, institutionalized, unexpected and non-rational dimensions of knowledge. The organizational or corporate culture cannot be derived from market failure or market imperfection. It is the direct outcome of internal organization of firm and other social networks, and thus closely related to learned and transmitted knowledge in a group context. Hence knowledge does not simply reflect the limits of market (as suggested by Arrow, 1974), and the presence of parametrical uncertainty, it implies the power of organization and networks in the face of radical uncertainty.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 37888.
Date of creation: 1996
Date of revision: 1997
Information and knowlege; Tacit knowledge; Team theory; Screening and Education; Market limits; individualistic and collective knowledge;
Find related papers by JEL classification:
- B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
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