The Use of Knowledge in Economics

Manfred Moldaschl & Nico Stehr, eds., Wissensökonomie und Innovation: Beiträge zur Ökonomie der Wissensgesellschaft. (Marburg: Metropolis-Verlag,) 2010, pp. 77-92.

9 Pages Posted: 23 Sep 2015  

Peter J. Boettke

George Mason University - Department of Economics

Frederic Sautet

The Catholic University of America (CUA) - Busch School of Business and Economics

Date Written: September 20, 2015

Abstract

In this essay, we survey the use of knowledge in economics and argue that knowledge should be treated one way rather than another. In other words, we see our purpose as both positive and normative. First, we want to show how some economists have treated knowledge in their analytical depictions of the economy. Second, we argue that some efforts by economists are more successful than others at capturing the role that knowledge plays in the economy. We especially emphasize F.A. Hayek's work and his challenge to the economics profession in mid-20th century. It is in accessing how well different economists have addressed Hayek's challenge, or failed to address it, that is our primary concern.

Keywords: F.A. Hayek, Information, Knowledge

JEL Classification: B53, D8

Suggested Citation

Boettke, Peter J. and Sautet, Frederic, The Use of Knowledge in Economics (September 20, 2015). Manfred Moldaschl & Nico Stehr, eds., Wissensökonomie und Innovation: Beiträge zur Ökonomie der Wissensgesellschaft. (Marburg: Metropolis-Verlag,) 2010, pp. 77-92. . Available at SSRN: https://ssrn.com/abstract=2663121

Peter J. Boettke (Contact Author)

George Mason University - Department of Economics ( email )

4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)

Frederic E. Sautet

The Catholic University of America (CUA) - Busch School of Business and Economics ( email )

McMahon Hall
620 Michigan Ave, NE
Washington, DC 20064
United States

HOME PAGE: http://business.cua.edu/faculty/sautet.cfm

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