Economic Knowledge

Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis.

Posing a major challenge to economic orthodoxy, Imperfect Knowledge Economics asserts that exact models of purposeful human behavior are beyond the reach of economic analysis. Roman Frydman and Michael Goldberg argue that the longstanding empirical failures of conventional economic models stem from their futile efforts to make exact predictions about the consequences of rational, self-interested behavior.

This book examines the new conditions under which professional work, often referred to as “knowledge-intensive work,” is organised and how professional groups who have traditionally been granted jurisdictional discretion now have their work routines renegotiated. In the new economic regime of what has been called “investor capitalism” and under the influence of shareholder primacy governance, professional work is put under pressure to change.

The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split between partial and conflicting representations of international e- nomic interactions.