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A Primer on Social Knowledge

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  • Chatterjee, Sidharta

Abstract

The purpose of this study is to elucidate and appreciate the growing importance of social knowledge in economic systems. It is thoroughly evident that socially available information as a variable is being employed in economic modeling—and, social concepts and principles are being increasingly employed to model economic systems. Despite the growing importance of social elements in economic theory and modeling, there appears to be a general lack of appreciation and understanding effected by fallacy of about what constitutes social knowledge in particular, and social information in general, and then, why there should be social elements included in economic systems. The goal of this paper, therefore, is to undertake a formal analysis of the theory of social knowledge based on Kenneth Arrow's (1994) paper, and to explain why this is so relevant in modern economic systems. This study, therefore, attempts to demonstrate understanding of the concept of social knowledge in its present context—the digital age, with the aim of advancing knowledge in this field. Finally, the study also provides general knowledge about the subject of social knowledge in the context of economic growth.

Suggested Citation

  • Chatterjee, Sidharta, 2017. "A Primer on Social Knowledge," MPRA Paper 81105, University Library of Munich, Germany, revised 02 Sep 2017.
    • Handle: RePEc:pra:mprapa:81105
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    References listed on IDEAS

    as
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    4. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 33-50, Winter.
    5. Kent B. Monroe, 1971. "The Information Content of Prices: A Preliminary Model for Estimating Buyer Response," Management Science, INFORMS, vol. 17(8), pages 519-532, April.
    6. Gene M. Grossman & Elhanan Helpman, 1994. "Endogenous Innovation in the Theory of Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 23-44, Winter.
    7. Romer, Paul M, 1987. "Growth Based on Increasing Returns Due to Specialization," American Economic Review, American Economic Association, vol. 77(2), pages 56-62, May.
    8. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
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    More about this item

    Keywords

    Social knowledge; knowledge externalities; social information; innovation;
    All these keywords.

    JEL classification:

    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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