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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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The Socialist Calculation Controversy as the Starting Point of the Economics of Information

The Socialist Calculation Controversy as the Starting Point of the Economics of Information

Chapter:
(p.60) 5 The Socialist Calculation Controversy as the Starting Point of the Economics of Information
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0005

The Socialist Calculation Controversy first raised the political problem of agent epistemology in the history of economics. The Cowles Commission, primarily comprising market socialists, sought to answer and refute Hayek and the neoliberals. The key point of contention was to determine what it meant for The Market to know something, which was unmistakably a political issue. This chapter lays the groundwork for the entrance of information considerations into neoclassical microeconomics.

Keywords:   Socialist Calculation Controversy, Friedrich Hayek, Cowles Commission, Use of Knowledge

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