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Unfolding The Allegory Behind Market Communication And Social Error And Correction

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Executive Summary

One aspect of the present paper is to draw out the Adam Smith in Friedrich Hayek. The author suggests that common economic talk of market communication, market error and correction, and policy error and correction invokes a spectatorial being and appeals to our sympathy with such being. Behind such common economic talk, the author suggests, are implicit allegories wherein an allegorical figure runs a system of superior knowledge, communication, and voluntary cooperation. Theoretical discussions of social error invoke the notion of agent error applied to the allegorical being.

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