Knowledge Flat-Talk: A Conceit of Supposed Experts and a Seduction to All

21 Pages Posted: 30 Nov 2009  

Daniel B. Klein

George Mason University - Department of Economics

Date Written: 2009

Abstract

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

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

Daniel B. Klein (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States

Paper statistics

Downloads
71
Rank
272,316
Abstract Views
664