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The Question of Knowledge in Economics

Author

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  • Hans Christian Garmann Johnsen

    (University of Agder)

Abstract

This article argues that despite the fact that the concept of knowledge and is much discussed, it is underdeveloped in economic theory. It discusses this in relation to three dominant positions in economics; the Neoclassical, Institutional and Austrian. Of the three, the Austrian is the position that has gone deepest into the study of knowledge. However, not even the Austrian position has fully explored how knowledge development can be integrated into its theory. It is therefore argued that economic theory should embrace a broader understanding of knowledge, which draws upon a cross-disciplinary approach and takes into account that knowledge is inherently both a subjective, social and complex phenomenon.

Suggested Citation

  • Hans Christian Garmann Johnsen, 2014. "The Question of Knowledge in Economics," Proceedings of International Academic Conferences 0702777, International Institute of Social and Economic Sciences.
    • Handle: RePEc:sek:iacpro:0702777
    as

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    File URL: https://iises.net/proceedings/12th-international-academic-conference-prague/table-of-content/detail?cid=7&iid=59&rid=2777
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    References listed on IDEAS

    as
    1. Robert M. Solow, 1956. "A Contribution to the Theory of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 70(1), pages 65-94.
    2. Ikujiro Nonaka, 1994. "A Dynamic Theory of Organizational Knowledge Creation," Organization Science, INFORMS, vol. 5(1), pages 14-37, February.
    3. Ancori, Bernard & Bureth, Antoine & Cohendet, Patrick, 2000. "The Economics of Knowledge: The Debate about Codification and and Tacit Knowledge," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 9(2), pages 255-287, June.
    4. Lucas, Robert E, Jr, 1986. "Adaptive Behavior and Economic Theory," The Journal of Business, University of Chicago Press, vol. 59(4), pages 401-426, October.
    5. Arrow, Kenneth J, 1994. "Methodological Individualism and Social Knowledge," American Economic Review, American Economic Association, vol. 84(2), pages 1-9, May.
    6. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    7. Geoffrey M. Hodgson & Makoto Itoh & Nobuharu Yokokawa (ed.), 2001. "Capitalism in Evolution," Books, Edward Elgar Publishing, number 1528.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    knowledge in economics; economic theory;

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