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Knowledge and Coordination A Liberal Interpretation

ISBN-10: 019979412X

ISBN-13: 9780199794126

Edition: 2011

Authors: Daniel B. Klein

List price: $44.49
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Description:

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. InKnowledge 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 ofcooperation, 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. Rejectinghomo economicusin favor of the "deepself," Klein offers a distinctive formulation of knowledge economics, entailing asymmetricinterpretation, 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 Coordinationhighlights the recurring connections to underlying purposes and sensibilities, of analysts as well as agents. Behind economic talk of market communication andsocialerror and correction lies Klein's Smithian allegory, with the allegorical spectator representing a conception of the social.Knowledge and Coordinationinstructs us to declare such allegory. Knowledge and Coordinationis 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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Book details

List price: $44.49
Copyright year: 2011
Publisher: Oxford University Press, Incorporated
Publication date: 2/16/2012
Binding: Hardcover
Pages: 368
Size: 6.25" wide x 9.50" long x 1.00" tall
Weight: 1.474

Daniel B. Klein is Associate Professor of Economics at Santa Clara University. He is co-author of Curb Rights: A Foundation for Free Enterprise in Urban Transit and editor of Reputation: Studies in the Voluntary Elicitation of Good Conduct and What Do Economists Contribute?, available from NYU Press.

Preface
Acknowledgments
Some Smith-Hayek Homiletics
Rinkonomics: A Window on Spontaneous Order
Discovery Factors of Economic Freedom
About This Book
From a Raft in the Currents of Liberal Economics
The Two Coordinations
Concatenate Coordination and Mutual Coordination
Joy and the Matrix of Concatenate and Mutual
Light Shed by the Two Coordinations
Asymmetric Interpretation
Discovery and the Deepself
Experiment on Entrepreneurial Discovery
Let's Be Pluralist on Entrepreneurship
Knowledge Flat-talk: A Conceit of Supposed Experts and a Seduction to All
Studies in Spontaneous Order
Urban Transit: Planning and the Two Coordinations
The Integrity of You and Your Trading Partners: The Demand for and Supply of Assurance
Outstripped by Unknowns: Intervention and the Pace of Technology
Rethinking Our Way
Unfolding the Allegory behind Market Communication and Social Error and Correction
Conclusion: Liberalism These Past 250 Years
Appendix
Owning Up to and Properly Locating Our Looseness: A Critique of Israel Kirzner on Coordination and Discovery
Some Fragments
In Defense of Dwelling in Great Minds: A Few Quotations from Michael Polanyi's The Study of Man
Glossary
References
Index