Expert Failure

Roger Koppl develops a theory of experts and expert failure, and illustrates his theory with wide-ranging examples, including that of state regulation of economic activity.

Roger Koppl (Author)

9781107138469, Cambridge University Press

Hardback, published 8 February 2018

290 pages
23.5 x 15.6 x 2.1 cm, 0.54 kg

'In Expert Failure, Roger Koppl has written a commanding synoptic and authoritative book on the fundamental problem of 'experts', when knowledge is not uniformly distributed. Koppl argues for polyarchy over hierarchy, covering an enormous range from Socrates, to the administrative state, to the tacit knowledge in the economy and the dangers of the 'entangled deep state'. Read this book.' Stuart Kauffman, FRSC, Emeritus Professor, University of Pennsylvania

The humble idea that experts are ordinary human beings leads to surprising conclusions about how to get the best possible expert advice. All too often, experts have monopoly power because of licensing restrictions or because they are government bureaucrats protected from both competition and the consequences of their decisions. This book argues that, in the market for expert opinion, we need real competition in which rival experts may have different opinions and new experts are free to enter. But the idea of breaking up expert monopolies has far-reaching implications for public administration, forensic science, research science, economics, America's military-industrial complex, and all domains of expert knowledge. Roger Koppl develops a theory of experts and expert failure, and uses a wide range of examples - from forensic science to fashion - to explain the applications of his theory, including state regulation of economic activity.

1. Introduction
Part I. Nature and History of the Problem: 2. Is there a literature on experts?
3. Two historical episodes in the problem of experts
4. Recurrent themes in the theory of experts
Part II. Foundations of the Theory of Experts: 5. Notes on some economic terms and ideas
6. The division of knowledge through Mandeville
7. The division of Knowledge after Mandeville
8. The supply and demand for expert opinion
9. Experts and their ecology
Part III. Expert Failure: 10. Expert failure and market structure
11. Further sources of expert failure
12. Expert failure in the entangled deep state.

Subject Areas: Banking [KFFK], Political economy [KCP], Economics [KC]