Information, Uncertainty and Choice
Implications for Human Action, Including Public Policy
Bibliographic Data
| ID | 5124433 |
|---|---|
| Authors | E C Pasour (North Carolina State University, corresponding author) |
| Year | 1997 |
| Volume | 9 |
| Issue | 1 |
| Pages | 45-61 |
| Publication date | 1997-03-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Cultural Dynamics (JOURNAL) |
| Journal identifiers | ISSN: 0921-3740 • E-ISSN: 1461-7048 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/092137409700900103 |
| OpenAlex | W2050407420 |
| Language | EN |
| References cited | 29 |
The analysis demonstrates that the relevant focus of economics is on the middle ground between perfect knowledge and total ignorance. Individual action always involves uncertainty because, as Mises emphasizes, uncertainty about the future and human action are two aspects of the same thing. The implications of uncertainty for human action are explored in a number of different contexts. Under uncertainty, profit maximization loses meaning as a guide to action and 'market failure' loses meaning and relevance as a guide for public policy. The paradox of omniscience, considered as perfect knowledge or the absence of uncertainty, is explored for individual decision making, profits and public policy. The findings support Hayek's thesis that knowledge is likely to be used most effectively if information is controlled by those whose knowledge and success depend on it
Austrian School · Economics · Epistemology · Ignorance · Microeconomics · Neoclassical economics · Omniscience · Positive economics · Economic theories and models · Economic Theory and Institutions
The general theory of employment, interest, and money
Toward a theory of the rent-seeking society
Studies in Philosophy, Politics, and Economics
New Studies in Philosophy, Politics, Economics, and the History of Ideas
Individualism and Economic Order
What Should Economists Do
Economists and public policy
Knight on Risk and Uncertainty
The Utility Analysis of Choices Involving Risk
Uncertainty, Evolution, and Economic Theory
The Theory of Price
The New Classical Macroeconomics
Formalism in Austrian‐school welfare economics
| Citation velocity | historical |
|---|---|
| Highly cited | No |