Imperfect Knowledge Economics: Exchange Rates and Risk

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. Such predictions, based on mechanistic models of human behavior, disregard the importance of individual creativity and unforeseeable sociopolitical change. Scientific though these explanations may appear, they usually fail to predict how markets behave. And, the authors contend, recent behavioral models of the market are no less mechanistic than their conventional counterparts: they aim to generate exact predictions of "irrational" human behavior. Frydman and Goldberg offer a long-overdue response to the shortcomings of conventional economic models. Drawing attention to the inherent limits of economists' knowledge, they introduce a new approach to economic analysis: Imperfect Knowledge Economics (IKE). IKE rejects exact quantitative predictions of individual decisions and market outcomes in favor of mathematical models that generate only qualitative predictions of economic change. Using the foreign exchange market as a testing ground for IKE, this book sheds new light on exchange-rate and risk-premium movements, which have confounded conventional models for decades. Offering a fresh way to think about markets and representing a potential turning point in economics, Imperfect Knowledge Economics will be essential reading for economists, policymakers, and professional investors.knowledge, economic models, predictions, rational self-interest, markets, decisions, exchange rates, risk premiums

Knowledge Economics role in explaining growth and innovation

This paper is written to show that there is a definite model that has been developed that explains the role of innovation to economic growth. This paper is based on the theorem that was built up in the paper that I wrote in 2007 entitled “Point X and the Economics of Knowledge”, as well as the so far unpublished papers concerning the long and short term properties of knowledge. This paper shall us the short term properties of knowledge to explain the relationship between growth and Knowledge. Stuart Kauffman of the university of Calgary believes that “Conventional economic theories about growth and the evolution of future wealth may be inadequate. We need a theory and historical examination of the growth of the actual economic web and of whether, in a supracritical economy, a sufficiently high diversity of the web autocatalytically drives its own growth. Furthermore, we need to understand the mutually and collectively cross-enhancing power of complementary technologies, regulatory structure and attraction of consumers in the creation of wealth.” I say this is wrong, the paper “Point X and the Economics of Knowledge”, gives an excellent framework to answer these questions. This paper will delve to be as simple as possible.Knowledge Economics; growth, innovation, short term knowledge growth; knowl; research

Introduction to Knowledge Economics Minitrack

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The Six Pillars of Knowledge Economics

The purpose of this paper is to extend our earlier work on the contributions to the mini-track on Knowledge Economics at the Hawaii International Conference on System Sciences (HICSS). In the present work, we analyze 16 contributions from 2012 to 2016 and based on our analysis, we propose the Six Pillars of Knowledge Economics framework. The proposed framework articulates that six elements are essential to generate knowledge outputs: Innovation Capability, Leadership, Human Capital, Information Technology Resources, Financial Resources, and Innovation Climate. Additional major findings are that organizations are the most common unit of analysis, while the individual level is hardly considered. Journals represent the major source of citations. Conference proceedings were less cited, though more current. We recommend major conferences to be indexed by services like Scopus and provide open access to peer-reviewed proceedings

ICT Research, the New Economy, and the Evolving Discipline of Economics: Back to the Future?

Economics-related ICT research has moved from the fringes of the discipline to penetrate all of its branches. It is, therefore, not a separate economics sub-discipline. It is also unlikely to become part of an 'ICT or Internet Research' proto-discipline. Instead, it should be seen as only one part of a bigger agenda toward a proper 'information and knowledge economics' and possibly a future proto-discipline of a 'unified theory of information and knowledge' or a meta-discipline of information sciences. This is the post-print version of a short article for the Special Issue: ICT Research and Disciplinary Boundaries: Is “Internet Research” a Virtual Field, a Proto-Discipline, or Something Else?”(Guest Editor: Nancy K. Baym), Information Society, Volume 21, No. 4, 2005, pp. 317-320. See: http://www.indiana.edu/~tisj

Knowledge Theory and Investment: Enhanced Investment Decision Based on the properties of Point X

Knowledge is the most important commodity and resource human beings can have. Having these qualities allows knowledge to be at the forefront of economics, as it should be. Knowledge economics demonstrates the power of knowledge theory into investment decision making policy by individuals and institutions. The paper discusses the different research types that take place and the different risks associated with each type of risk been associated with time. Strategy using game theory is used in a dynamic situation because firms are not static. Knowledge is the tool the investor needs to make more clarified decisionsKnowledge; research type; research risk; consistency; game theory

Three Forewards

Forewards to the books "Imperfect Knowledge Economics: Exchange Rates and Risk" by Roman Frydman and Michael D. Goldberg (2007); "Rebuilding War-torn States: The Challenge of Post-Conflict Economic Reconstruction" by Graciana del Castillo (2008); and "Financial Darwinism" by Leo M. Tilman (2009)

Болонський процес - ідея "п'ятої свободи" в сучасному суспільстві знань

В статті розглядаються аспекти реформи освіти в контексті Лісабонської стратегії „ціложиттєвого навчання”, орієнтованого на студента. Ключовими поняттями цієї стратегії є створення „економіки знання”. The article deals with the aspects of education reform in the context of Lisbon student-oriented strategy of “longlife learning”. The main idea of this strategy is to create a “knowledge economics”