Parasitical tectonics within entangled systems of political economy

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Chapter 6 in Rethinking Public Choice, 2022, pp 73-86 from Edward Elgar Publishing

Abstract: Friedrich Hayek (1945) turned theoretical attention away from postulating equilibrium conditions toward probing how market interactions generate knowledge through those transactions. Markets economize on knowledge, thereby allowing people who know little to fare as if they were geniuses. Frank Knight (1960) claimed that it was not what we did not know that caused most of our problems, but rather was the things we "knew" that weren't true! Combining Knight and Hayek brings into the analytical foreground just where it is that the theorist stands in relation to the models through which he or she thinks. It is conventional for economists to presume they stand outside their models, like ancient gods looking at society and intervening into it. In contrast, the Knight-Hayek orientation adopts the stance of standing inside the model and thereby subject to the same limits on knowledge as everyone in society.

Keywords: Economics and Finance; Politics and Public Policy (search for similar items in EconPapers)
Date: 2022
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