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The Knowledge We Have Lost in Information - The History of Information in Modern Economics (Hardcover)
Loot Price: R1,489
Discovery Miles 14 890
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The Knowledge We Have Lost in Information - The History of Information in Modern Economics (Hardcover)
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Total price: R1,509
Discovery Miles: 15 090
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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.
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