21 Pages Posted: 30 Nov 2009
Date Written: 2009
Articulate knowledge entails the triad: information, interpretation, and judgment. Information is the reading of the facts through a working interpretation. Much of modern political economy has miscarried by discoursing as though interpretation were symmetric and final. This move has the effect of flattening knowledge down to information – here dubbed “knowledge flat-talk.” Economic prosperity depends greatly on discovery, but discovery is often a transcending of the working interpretation, not merely the acquisition of new information. Models typically assume that the modeler’s working interpretation is common knowledge. But often the sets of relevant knowledge of the relevant actors do not approximate the common knowledge assumption. We need better understanding and appreciation of asymmetric interpretation and its dynamics.
Keywords: knowledge, information, interpretation, judgment, common knowledge
JEL Classification: A1, D8
Suggested Citation: Suggested Citation
Klein, Daniel B., Knowledge Flat-Talk: A Conceit of Supposed Experts and a Seduction to All (2009). GMU Working Paper in Economics No. 09-03. Available at SSRN: https://ssrn.com/abstract=1515856 or http://dx.doi.org/10.2139/ssrn.1515856