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Books > Business & Economics > Economics > Economic theory & philosophy
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Knowledge and Coordination - A Liberal Interpretation (Paperback)
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Knowledge and Coordination - A Liberal Interpretation (Paperback)
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Adam Smith and Friedrich Hayek saw the liberty principle as focal
and accorded it strong presumption, but their wisdom invokes how
little we can know. In Knowledge and Coordination, Daniel Klein
re-examines the elements of economic liberalism. He interprets
Hayek's notion of spontaneous order from the aestheticized
perspective of a Smithian spectator, real or imagined. Klein
addresses issues economists have had surrounding the notion 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 innovation enhances or upsets coordination, and
thus interprets entrepreneurship in terms of discovery or new
knowledge. Beyond information, knowledge entails interpretation and
judgment, emergent from tacit reaches of the "society of mind,"
itself embedded in actual society. Rejecting homo economicus in
favor of the "deepself," Klein offers a distinctive formulation of
knowledge economics, entailing asymmetric interpretation, judgment,
entrepreneurship, error, and correction-and kinds of
discovery-which all serve the cause of liberty. This richness of
knowledge joins agent and analyst, and meaningful theory depends on
tacit affinities between the two. Knowledge and Coordination
highlights the recurring connections to underlying purposes and
sensibilities, of analysts as well as agents. Behind economic talk
of market communication and social error and correction lies
Klein's Smithian allegory, with the allegorical spectator
representing a conception of the social. Knowledge and Coordination
instructs us to declare such allegory. Knowledge 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 economic doctrines more robust and its
presumption of liberty more viable.
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