Knowledge and Coordination: A Liberal Interpretation by Daniel B. Klein (Paperback, 2014)
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- DescriptionAdam Smith and Friedrich Hayek saw the liberty principle as focal and accorded it strong presumption, but their wisdom invokes how little we can kw. In Kwledge and Coordination, Daniel Klein re-examines the elements of ecomic liberalism. He interprets Hayek's tion of spontaneous order from the aestheticized perspective of a Smithian spectator, real or imagined. Klein addresses issues ecomists have had surrounding the tion of coordination by distinguishing the concatenate coordination of Hayek, Ronald Coase, and Michael Polanyi from the mutual coordination of Thomas Schelling and game theory. Clarifying the meaning of cooperation, he resolves debates over whether entrepreneurial invation enhances or upsets coordination, and thus interprets entrepreneurship in terms of discovery or new kwledge. Beyond information, kwledge entails interpretation and judgment, emergent from tacit reaches of the society of mind, itself embedded in actual society. Rejecting homo ecomicus in favor of the deepself, Klein offers a distinctive formulation of kwledge ecomics, entailing asymmetric interpretation, judgment, entrepreneurship, error, and correction-and kinds of discovery-which all serve the cause of liberty. This richness of kwledge joins agent and analyst, and meaningful theory depends on tacit affinities between the two. Kwledge and Coordination highlights the recurring connections to underlying purposes and sensibilities, of analysts as well as agents. Behind ecomic talk of market communication and social error and correction lies Klein's Smithian allegory, with the allegorical spectator representing a conception of the social. Kwledge and Coordination instructs us to declare such allegory. Kwledge and Coordination is an authoritative take on how, by confessing the looseness of its judgments and the by-and-large status of its claims, laissez-faire liberalism makes its ecomic doctrines more robust and its presumption of liberty more viable.
- Author BiographyDaniel Klein is Professor of Economics at George Mason University and Associate Fellow at the Ratio Institute (Stockholm). He is the founder and the chief editor of Econ Journal Watch.
- Author(s)Daniel B. Klein
- PublisherOxford University Press Inc
- Date of Publication09/01/2014
- SubjectEconomics: Professional & General
- Place of PublicationNew York
- Country of PublicationUnited States
- ImprintOxford University Press Inc
- Content Noteblack & white illustrations, figures
- Weight540 g
- Width157 mm
- Height236 mm
- Spine19 mm
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