Capitalism and Epistemology

Inasmuch as markets exist to provide knowledge (what I/we should do with regard to the resources at our disposal or over which we have influence) modern capitalism is a reductionism parallel to centrality of epistemology in modern philosophy (the requirement is certainty/secure knowledge; you must have that or a secure method in place before you can proceed). In neither case should an account of knowledge (or the absolute attainment of such) take precedence over other considerations.

This is something I’m thinking about. If you have ideas, let me know.

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1 Response to Capitalism and Epistemology

  1. Mark Byron says:

    General economic theory, at least the basic stuff taught in entry-level micro, assumes folks armed with all information needed. That isn’t the case in real life; a lot of cutting-edge economic research in the last few decades have looked at imperfect information and asymmetrical information (one side knows more than the other) and how it changes the dynamic from the omniscient Economic Man of standard economics.

    Markets do convey information, but they exist to let people trade one asset for another they value more than what they’re giving up. The information content is secondary to the desire to get stuff you want more than what you currently have custody of.

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