The knowledge of price and the price of knowledge |
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Authors: | Bridget Rosewell |
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Affiliation: | Volterra Consulting, 5 The Old Power Station, 121 Mortlake High Street, London SW14 8SN, UK |
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Abstract: | Social science is enmeshed from the outset in an interaction between individual agents, collective action and analytical response. The desire to implement policy and create a preferred outcome provides further complication. There is a fundamental confusion between knowledge in the system and knowledge about it. Classical market analysis divorces the two; in practice agents use both. Moreover, they use their knowledge to change the system. A given set of rules may therefore produce a variety of outcomes. Unless this phenomenon is better understood and analysed, policy-making will continue to produce unexpected and indeed undesired outcomes. Complex systems approaches offer a way forward into these issues which is beginning to bear fruit in thinking clearly about how systems can and should be analysed. |
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