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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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Hayek and the Schools of Design

Hayek and the Schools of Design

(p.193) 14 Hayek and the Schools of Design
The Knowledge We Have Lost in Information

Philip Mirowski

Edward Nik-Khah

Oxford University Press

This chapter reveals the political undercurrents that carried along all the schools of market design. We document how key members of all three schools admitted that their work was a reaction to the original provocations of Friedrich Hayek and the neoliberals. Much of this involves their different approaches to information. Hence, information economics is not a simple consequence of mathematical tools, as many have asserted, but, rather, the increasing importance of neoliberalism in understanding the economy.

Keywords:   neoliberalism, agent knowledge, auction, market design, smart market, game theory, decentralization

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