Scholarly Comments on Academic Economics

Information-Knowledge and Action-Knowledge


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THE DISTINCTION BETWEEN INFORMATION AND KNOWLEDGE, as these words are commonly used, is fairly clear and quite important. We wish to point out, however, that the importance of this distinction becomes very substantially greater when we understand it as pointing to a different distinction—that between two levels of knowledge itself. The purpose of this note is to develop this insight and remark on whether modern economics accommodates these matters.