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The epistemic division of labour in markets: knowledge, global trade and the preconditions of morally responsible agency

Published online by Cambridge University Press:  08 July 2019

Lisa Herzog
Lisa Herzog*
Affiliation:
TUM School of Governance, Richard-Wagner-Strasse 1, 80333 München, Germany
*
Email: [email protected]
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Abstract

Markets allow for the processing of decentralized information through the price mechanism. But in addition, many markets rely on other mechanisms in markets, or non-market institutions, that provide and manage other forms of knowledge. Within national economies, these institutions form an ‘epistemic infrastructure’ for markets. In global markets, in contrast, this epistemic infrastructure is very patchy, undermining the preconditions for morally responsible agency. New technologies might help to improve the epistemic infrastructure of global markets, but they require conceptualizing knowledge not only as a tradable good, but also as a precondition of morally responsible agency.

Keywords

marketsknowledgeresponsibilityglobal tradeHayek
Type
Article
Information
Economics & Philosophy , Volume 36 , Issue 2 , July 2020 , pp. 266 - 286
Copyright
© Cambridge University Press 2019

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