Agustí Canals

Information and Knowledge Based Conceptual Study of 2008 Financial Crisis

Although a proper and wide diffusion of information and knowledge is acknowledged by economic theory as a necessary condition for a perfect functioning of markets, there are some weaknesses of conceptualization of information and knowledge applied to economics. As a contribution to fill this gap, the purpose of this paper is to set up a conceptual analysis and discussion of 2008 Great Financial Crisis (GFC) in terms of information and knowledge. As theoretical basis for this discussion we have selected the Boisot’s framework of Information Space (I-Space) [1, 2] which we relate with the proposal of Van den Berg [3] about encapsulated knowledge. This enhances us to discuss two key elements concerning the 2008 GFC: securitization and qualifications of rating. Our analysis shows how the sociotechnical innovations concerning financial markets in the years previous to GFC, contributed to create or increased information and knowledge asymmetries. These asymmetries impacted the risk management by the stakeholders implied in financial markets and eroded the correct function of these markets until the 2008 collapse.

Infonomista: una discusión actualizada

An updated description of infonomist is presented. To do this, we first recover the original proposal of infonomist (and infonomy), sketched by Cornella in 1998. Second, we collect and discuss definitions of the term published subsequently. Finally, we present a description of an infonomist, taking into account the current context: the combination of scientific knowledge on information currently dispersed in various disciplines, the evolution of the meaning of information in scientific discourse and in colloquial speech, and the positioning of various actors and groups. This discussion establishes a selection of potential challenges for future development and strengthening of the concept of infonomist in both academic and professional environments.