KNOWLEDGE, VALUES AND THE CHOICE OF ECONOMIC ORGANIZATION*

Authors


  • *

    This article is based on lectures given at Antioch College, University of Rochester, Michigan State University and Denison College. Many discussions with Armen Alchian and Allan H. Meltzer are gratefully acknowledged. They are not necessarily absolved from errors committed. They are absolved however from errors of omission.

SUMMARY

This paper examines some dangerous aspects of the ‘humanistic counterrevolution’ in progress. The destruction of ancient orientations offered in philosophy and traditional religions created apparently an unstable pattern. The feverish search for ‘new values’ and ‘commitments’ shaped an intellectual regression which denies the role of cognition and is incapable to distinguish between cognition and valuation. The conflicts bearing on assessment and choice of economic organization illustrate the dangers inherent in the sacrifice of cognition fashionably enveloping increasing portions of our intellectual establishment.

Ancillary