Knowledge in the wonderland of the market of ideas: deconstructing the Economics of Science of Michael Polanyi

Gilberto Lima

Brazilian Journal of Political Economy, 1995, vol. 15, issue 2, 258-269

Abstract: This essay develops a deconstructive interpretation of some aspects of theeconomics of science formulated by Michael Polanyi. In particular, the essay analyzes theextent to which Polanyi’s libertarian positions can be seen as consistent from a logicaldeconstructivepoint of view. Although the essay highlights the existence of inconsistenciesin Polanyi’s discourse, his contribution to the debate about the specificities inherent to theknowledge process is equally emphasized. In other words, even though Polanyi has exaggeratedhis Panglossian belief in the efficiency of the spontaneous coordination of scientificactivities promoted by the market, it is necessary to recognize that his positions regardingthe characteristics of knowledge must be seen as an important antidote against naive proposalsfor centralization of scientific activities under a single authority. JEL Classification: B20; B31; B41.

Keywords: Economic methodology; scientific methodology; philosophy of science; history of economic thought; Michael Polanyi (search for similar items in EconPapers)
Date: 1995
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