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The Knowledge We Have Lost in Information: The History of Information in Modern Economics

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  • Mirowski, Philip
  • Nik-Khah, Edward

Abstract

Information is a central concept in economics, and The Knowledge We Have Lost in Information explores its treatment in modern economics. The study of information, far from offering enlightenment, resulted in all matter of confusion for economists and the public. Philip Mirowski and Edward Nik-Khah argue that the conventional wisdom suggesting "economic rationality" was the core of modern economics is incomplete. In this trenchant investigation, they demonstrate that the history of modern microeconomics is better organized as a history of the treatment of information. The book begins with a brief primer on information, and then shows how economists have responded over time to successive developments on the concept of information in the natural sciences. Mirowski and Nik-Khah detail various intellectual battles that were fought to define, analyze, and employ information in economics. As these debates developed, economists progressively moved away from pure agent conscious self-awareness as a non-negotiable desideratum of economic models toward a focus on markets and their design as information processors. This has led to a number of policies, foremost among them: auction design of resources like the electromagnetic spectrum crucial to modern communications. The Knowledge We Have Lost in Information provides insight into the interface between disputes within the economics discipline and the increasing role of information in contemporary society. Mirowski and Nik-Shah examine how this intersection contributed to the dominance of neoliberal approaches to economics, politics, and other realms.

Suggested Citation

  • Mirowski, Philip & Nik-Khah, Edward, 2017. "The Knowledge We Have Lost in Information: The History of Information in Modern Economics," OUP Catalogue, Oxford University Press, number 9780190270056.
    • Handle: RePEc:oxp:obooks:9780190270056
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    Cited by:

    1. Abigail N. Devereaux, 2019. "The nudge wars: A modern socialist calculation debate," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 139-158, June.
    2. Thomas Delcey & Guillaume Noblet, 2021. ""The Eyes and Ears of the Agricultural Markets": A History of Information in Interwar Agricultural Economics," Working Papers hal-03227973, HAL.
    3. Timothy Betts & Patrice M. Buzzanell, 2022. "Enacting Economic Resilience: A Synthesis of Economic and Communication Frameworks," JRFM, MDPI, vol. 15(4), pages 1-18, April.
    4. Ötsch, Walter, 2018. "Wissen und Nicht-Wissen angesichts "des Marktes": Das Konzept von Hayek," Working Paper Series Ök-43, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    5. Thomas Delcey & Guillaume Noblet, 2021. ""The Eyes and Ears of the Agricultural Markets": A History of Information in Interwar Agricultural Economics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-03227973, HAL.
    6. Pattit, Jason M. & Pattit, Katherina G. & Spender, J C, 2021. "Edith T. Penrose: Economist of "The Ordinary Business of Life"," MPRA Paper 106375, University Library of Munich, Germany.
    7. Ötsch, Walter, 2018. "Bilder in der Geschichte der Ökonomie: Das Beispiel der Metapher von der Wirtschaft als Maschine," Working Paper Series Ök-42, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    8. Theodoros V. Stamatopoulos, 2022. "Cash Holdings in the Global Hotel Industry: Do Managers Act With Bounded Rationality When They Cannot Find Optimal Solutions?," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 16(4), December.
    9. Bodó, Balázs & Brekke, Jaya Klara & Hoepman, Jaap-Henk, 2021. "Decentralisation: A multidisciplinary perspective," Internet Policy Review: Journal on Internet Regulation, Alexander von Humboldt Institute for Internet and Society (HIIG), Berlin, vol. 10(2), pages 1-21.
    10. Vladimir Vladimirovich Maltsev & Andrei Yurievich Yudanov, 2023. "Toward a Demsetzian Knowledge Theory," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1371-1385, June.
    11. Vyacheslav V. VOLCHIK & Maxim A. KORYTSEV & Elena V. MASLYUKOVA, 2018. "Institutional traps and New Public Management in education and science," Upravlenets, Ural State University of Economics, vol. 9(6), pages 17-29, December.
    12. Lejla Terzić, 2023. "Why is the transition to a green economy important for achieving sustainability? A review of some theoretical approaches and empirical research presented in the literature," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 307-332.
    13. Steffestun, Theresa, 2020. "The Constitution of Ignorance: Zur Bedeutung von Nichtwissen in der Verhaltensökonomie," Working Paper Series 67, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    14. Bäuerle, Lukas, 2019. "Das vermeintliche Wissen der ökonomischen Lehrbuchwissenschaft: Ein Essay," Working Paper Series Ök-46, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    15. Bakeev, M., 2022. "A compromise between formalism and realism as a way to influence economic policy," Journal of the New Economic Association, New Economic Association, vol. 57(5), pages 113-125.
    16. Ötsch, Walter, 2020. "Wissen, Nichtwissen und falsches Wissen bei Hayek: Vom Wissensverlust der ökonomisierten Gesellschaft," Working Paper Series 66, Cusanus Hochschule für Gesellschaftsgestaltung, Institut für Ökonomie.
    17. Octavian-Dragomir Jora & Matei Alexandru Apavaloaei & Mihai-Vladimir Topan & Tudor-Gherasim Smirna, 2022. "The Market for Ideas and Its Validation Filters: Scientific Truth, Economic Profit and Political Approval," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 24(Special16), pages 884-884, November.
    18. Cherrier, Beatrice & Svorenčík, Andrej, 2017. "Defining Excellence: 70 Years of John Bates Clark Medals," SocArXiv bacmj, Center for Open Science.
    19. Ravenscroft, Sue & Williams, Paul F., 2021. "Sustaining discreditable accounting research through ignorance: The mainstream elite’s response to the 2008 financial crisis," Accounting, Organizations and Society, Elsevier, vol. 95(C).
    20. Mehrpouya, Afshin & Salles-Djelic, Marie-Laure, 2019. "Seeing like the market; exploring the mutual rise of transparency and accounting in transnational economic and market governance," Accounting, Organizations and Society, Elsevier, vol. 76(C), pages 12-31.

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