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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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Unfolding the Allegory behind Market Communication and Social Error and Correction

Unfolding the Allegory behind Market Communication and Social Error and Correction

Chapter:
(p.213) Chapter 14 Unfolding the Allegory behind Market Communication and Social Error and Correction
Source:
Knowledge and Coordination
Author(s):

Daniel B. Klein

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199355327.003.0014

This chapter explains the allegory of Joy, as a model to voluntary cooperation through the vast concatenation. The allegory provides a way to think about institutional quality and what institutional arrangements generate the “signals” that best “communicate” what to do. Signals help people appreciate how “communications” adjust when practices go wrong. The allegory of Joy communicating instructions is useful because it enables one to reason from the perspective of someone who has superior knowledge and purposes.

Keywords:   allegory of Joy, voluntary cooperation, concatenation, signals, communications

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