An Explanation to Individual Knowledge and Behavior Based on Empirical Substrates

Zhao, Liang and Zhu, Xian Chen (2008): An Explanation to Individual Knowledge and Behavior Based on Empirical Substrates.

Abstract

Using recent findings from modern empirical disciplines and mainly building on F.A.Hayek’s thoughts, the paper gives a definition of knowledge in accord with the Austrian School’s tradition, and basing on the definition, it sums up three behavior assumptions and a framework on explaining individual behavior and expounds ideas on hierarchical knowledge and its change in real situations. By this way, the paper believes that the Austrian School can be greatly advanced with the help of modern empirical findings.

• Item Type: MPRA Paper
• Language: English
• Keywords: knowledge, shared knowledge, hierarchy, behavioral assumption, reduced framework, empirical foundation
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals; A - General Economics and Teaching > A1 - General Economics > A12 - Relation of Economics to Other Disciplines; B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B25 - Historical ; Institutional ; Evolutionary ; Austrian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B4 - Economic Methodology > B41 - Economic Methodology; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B53 - Austrian

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