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

Lisa Herzog*

*Corresponding author for this work

Research output: Contribution to journalArticleAcademicpeer-review

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.

Original languageEnglish
Article number0266267119000130
Pages (from-to)266-286
Number of pages21
JournalEconomics and Philosophy
Volume36
Issue number2
DOIs
Publication statusPublished - Jul-2020
Externally publishedYes

Keywords

  • markets
  • knowledge
  • responsibility
  • global trade
  • Hayek

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