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Knowledge and CoordinationA Liberal Interpretation$
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Daniel B. Klein

Print publication date: 2014

Print ISBN-13: 9780199355327

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199355327.001.0001

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The Integrity of You and Your Trading Partners

The Integrity of You and Your Trading Partners

The Demand for and Supply of Assurance

Chapter:
(p.177) Chapter 12 The Integrity of You and Your Trading Partners
Source:
Knowledge and Coordination
Author(s):

Daniel B. Klein

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199355327.003.0012

This chapter discusses the integrity of promises. As society becomes more complex the integrity issue looms larger. As Friedrich Hayek implies, the more civilized people become, the more relatively ignorant must each individual be of the facts on which the working of one’s civilization depends. The division of knowledge increases the necessary ignorance of the individual. Increases in the division of knowledge imply greater dependence on things unknown and trust in economic affairs. The chapter concludes with the connection of promise integrity with promise coordination. To assure that promises will be kept, other promises are made. There is a demand for and supply of assurance.

Keywords:   promise integrity, Friedrich Hayek, economic affairs, demand, promise coordination

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