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Book part
Publication date: 27 January 2022

Bruce G. Carruthers

F.A. Hayek’s famous critique of the socialist planned economy turned on the role of information in markets. In competitive markets, decision-making is decentralized and relies on…

Abstract

F.A. Hayek’s famous critique of the socialist planned economy turned on the role of information in markets. In competitive markets, decision-making is decentralized and relies on locally available market signals. Decision-makers do not have to be omniscient or predict the future; they simply have to focus on market prices. By contrast, socialist planners face a much more demanding situation where they have to acquire and process vast amounts of information in a centralized fashion. The author revisits Hayek’s early work in light of the contemporary revolution in information technology, using recent research on organizational decision-making. The author argues that a great deal of market information is produced by public and private institutions, and includes much more than market prices. The boundary between tacit knowledge and formalized knowledge changes as IT enables the spread of the latter. Furthermore, the growing “knowledge economy” underscores the importance of intellectual property, and the legal institutions that support it. Overall, some of Hayek’s early insights hold up well while others need updating.

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Contemporary Methods and Austrian Economics
Type: Book
ISBN: 978-1-80262-287-4

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Book part
Publication date: 27 January 2022

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Contemporary Methods and Austrian Economics
Type: Book
ISBN: 978-1-80262-287-4

Book part
Publication date: 9 July 2010

Bruce G. Carruthers

This chapter examines the central role played by credit rating agencies in the production of “knowledge” about financial instruments. That “knowledge,” in the form of credit…

Abstract

This chapter examines the central role played by credit rating agencies in the production of “knowledge” about financial instruments. That “knowledge,” in the form of credit ratings, underpinned disintermediation in mortgage markets by giving investors confidence that they knew the risk-and-return properties of otherwise opaque collateralized debt obligations (CDOs) and mortgage-backed securities. Credit ratings helped to “standardize” structured financial products and create liquid markets. However, this cognitive machinery failed and liquidity collapsed during the current crisis. I use this failure to examine the role of institutionalized cognition in the production of market liquidity.

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Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A
Type: Book
ISBN: 978-0-85724-205-1

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Book part
Publication date: 12 February 2004

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Political Power and Social Theory
Type: Book
ISBN: 978-1-84950-222-1

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Book part
Publication date: 9 July 2010

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Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part A
Type: Book
ISBN: 978-0-85724-205-1

Content available
Book part
Publication date: 9 July 2010

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Markets on Trial: The Economic Sociology of the U.S. Financial Crisis: Part B
Type: Book
ISBN: 978-0-85724-208-2

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Review of Marketing Research
Type: Book
ISBN: 978-0-7656-1306-6

Book part
Publication date: 12 January 2021

Roger Friedland

In this paper, I compare Theodore Schatzki’s practice theory, the existential phenomenology of Martin Heidegger upon whom Schatzki drew in its formation, and my own theory of…

Abstract

In this paper, I compare Theodore Schatzki’s practice theory, the existential phenomenology of Martin Heidegger upon whom Schatzki drew in its formation, and my own theory of institutional logics which I have sought to develop as a religious sociology of institution. I examine how Schatzki and I both differently locate our thinking at the level of practice. In this essay I also explore the possibility of appropriating Heidegger’s religious ontology of worldhood, which Schatzki rejects, in that project. My institutional logical position is an atheological religious one, poly-onto-teleological. Institutional logics are grounded in ultimate goods which are praiseworthy “objects” of striving and practice, signifieds to which elements of an institutional logic have a non-arbitrary relation, sources of and references for practical norms about how one should have, make, do or be that good, and a basis of knowing the world of practice as ordered around such goods. Institutional logics are constellations co-constituted by substances, not fields animated by values, interests or powers.

Because we are speaking against “values,” people are horrified at a philosophy that ostensibly dares to despise humanity’s best qualities. For what is more “logical” than that a thinking that denies values must necessarily pronounce everything valueless? Martin Heidegger, “Letter on Humanism” (2008a, p. 249).

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On Practice and Institution: Theorizing the Interface
Type: Book
ISBN: 978-1-80043-413-4

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Book part
Publication date: 28 June 1991

A. Dean Larsen and Randy H. Silverman

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Library Technical Services: Operations and Management
Type: Book
ISBN: 978-1-84950-795-0

Book part
Publication date: 10 August 2015

Emily Erikson and Sampsa Samila

This paper uses the case of the English East India Company to consider the impact of colonialization on patterns of trade. The East India Company went through a commercial and a…

Abstract

This paper uses the case of the English East India Company to consider the impact of colonialization on patterns of trade. The East India Company went through a commercial and a colonial period in Asia and therefore provides a rare case in which fixed national effects are held constant while the degree of colonialism varies. We use this variation to consider the impact of colonial institutions on the degree of concentration in overseas trade. We find that the onset of colonialism is linked to increasing inequality in the distribution of traffic across ports. This finding is significant because of the relationship between overseas trade and the potential for long-term economic development: the development trajectories of the individual ports were likely to have been affected by these different rates of trade. Our findings also highlight how the negotiation between political and commercial goals in early modern trade and imperialism produced different macro-structural outcomes for global trade patterns.

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Chartering Capitalism: Organizing Markets, States, and Publics
Type: Book
ISBN: 978-1-78560-093-7

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