Communication and reasoning in an economic system

Abstract

In economic theory, several types of agents perform transactions involving labeled goods within an institutional context formed of markets and other institutions. A match is achieved between a material sphere where goods are physically transformed and exchanged and a cognitive sphere where related data are computed and communicated. In other respects, knowledge and information may themselves be treated as specific forms of goods which can respectively be accumulated and exchanged by the agents. Finally, if different kinds of institutions are needed in order to coordinate the agents, their genesis receives a first explanation on the basis of common knowledge of the situation.