#چکیده #سخنرانی_آنلاین

🔰 عنوان:
The Epistemic Argument for Markets - and its Limits

👥 با حضور:
👤 Lisa Herzog (University of Groningen)

🖋 چکیده:
📝 One of the arguments in favor of free markets, which stands at the core of many debates about efficiency and innovation, is their alleged ability to process knowledge through the signaling function of the price mechanism. This "epistemic argument" has been put forward in particular by F.A. von Hayek, who praised markets’ unique ability to deal with decentralized knowledge. In this talk, I start by presenting this argument, which has been accepted by many critics of markets as well. I defend the claim, however, that this argument is far more limited in scope than has often been assumed. For one thing, it only applies to certain forms of knowledge. For another, most markets rely on an "epistemic infrastructure" in which certain forms of knowledge are dealt with, so that the price mechanism can then play its role. Moreover, there is vicious circularity in the argument if the price mechanisms leads to the satisfaction of preferences that are not independently given, but created by markets. And last but not least, the epistemic argument fails if markets are not regulated for externalities, such as the costs of anthropogenic climate change - here, it almost seems fair to say that market prices lie to us. I conclude that properly understood, the epistemic argument for markets is one for careful market regulation, not one for introducing market mechanisms in all spheres of life.

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🗓 18 مرداد 1400؛ ساعت 17

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🆔: @philsharif