Knowledge and Coordination: A Liberal Interpretation

Paperback | November 6, 2013

byDaniel B. Klein

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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 orderfrom 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 Schellingand 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 knowledgejoins 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 andcorrection 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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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 orderfrom the aestheticized perspective of a Smit...

Daniel Klein is Professor of Economics at George Mason University and Associate Fellow at the Ratio Institute (Stockholm). He is the founder and the chief editor of Econ Journal Watch.

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Format:PaperbackDimensions:374 pages, 9.21 × 6.14 × 0.68 inPublished:November 6, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199355320

ISBN - 13:9780199355327

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Table of Contents

Acknowledgments/A Note about Citation PracticePrefaceSome Smith-Hayek Homiletics1. Rinkonomics: A Window on Spontaneous Order2. Discovery Factors of Economic FreedomAbout This Book3. From a Raft in the Currents of Liberal EconomicsThe Two Coordinations4. Concatenate Coordination and Mutual Coordination5. Joy and the Matrix of Concatenate and Mutual6. Light Shed by the Two CoordinationsAsymmetric Interpretation7. Discovery and the Deepself8. Discovery and the Deepself9. Let's Be Pluralist on Entrepreneurship10. Knowledge Flat-talk: A Conceit of Supposed Experts and a Seduction to AllStudies in Spontaneous Order11. Urban Transit: Planning and the Two Coordinations12. The Integrity of You and Your Trading Partners: The Demand for and Supply of Assurance13. Outstripped by Unknowns: Intervention and the Pace of TechnologyRethinking Our Way14. Unfolding the Allegory of Market Communication and Social Error and Correction15. Conclusion: Liberalism These Past 250 YearsAppendix Chapters16. Owning Up to and Properly Locating Our Looseness: A Critique of Israel Kirzner on Coordination and Discovery17. Some Fragments18. In Defense of Dwelling in Great Minds: A Few Quotations from Michael Polanyi's The Study of ManGlossaryReferencesIndex