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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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The Neoclassical Economics of Information Was Incubated at Cowles

The Neoclassical Economics of Information Was Incubated at Cowles

(p.73) 7 The Neoclassical Economics of Information Was Incubated at Cowles
The Knowledge We Have Lost in Information

Philip Mirowski

Edward Nik-Khah

Oxford University Press

One of the most important contributions of the Cowles Commission in the period 1944 to 1954 was to jump-start the formalization of the orthodox approach to the economics of information. The tension with the neoliberals also housed at the University of Chicago was fruitful. Members such as Jacob Marschak, Leonid Hurwicz, Kenneth Arrow, and Stanley Reiter all struggled to infuse the utility function with some sort of cognitive capacity. Their struggles to make this do political double-duty set the stage for the subsequent evolution of the economics of information.

Keywords:   Cowles Commission, Blackwell formalism, team theory, decision theory, Walrasian general equilibrium theory, RAND, decentralization, economics of information, market socialism

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