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The Knowledge We Have Lost in Information – The History of Information in Modern Economics | Oxford Scholarship Online
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The Knowledge We Have Lost in Information: The History of Information in Modern Economics

Philip Mirowski and Edward Nik-Khah

Abstract

In contrast with conventional histories of “economic rationality,” in this book we propose that the history of modern microeconomics is better organized as the treatment of information in postwar economics. Beginning with a brief primer on the nature of information, we then explore how economists first managed their rendezvous with it, tracing its origins to the Neoliberal Thought Collective and Friedrich Hayek. The response to this perceived threat was mounted by the orthodoxy at the Cowles Commission, leading to at least three distinct model strategies. But the logic of the models led to mul ... More

Keywords: economics of information, mechanism design, market design, game theory, market engineering, general equilibrium theory, historical epistemology, economic rationality, Cowles Commission, spectrum auctions, TARP Harsanyi doctrine, experimental economics, cybernetics

Bibliographic Information

Print publication date: 2017 Print ISBN-13: 9780190270056
Published to Oxford Scholarship Online: June 2017 DOI:10.1093/acprof:oso/9780190270056.001.0001

Authors

Affiliations are at time of print publication.

Philip Mirowski, author
University of Notre Dame

Edward Nik-Khah, author
Roanoke College, VA