Information is a central concept in economics, and The Knowledge We Have Lost in Information explores its treatment in modern economics. The study of information, far from offering enlightenment, resulted in all matter of confusion for economists and the public.

Philip Mirowski and Edward Nik-Khah argue that the conventional wisdom suggesting "economic rationality" was the core of modern economics is incomplete. In this trenchant investigation, they demonstrate that the history of modern microeconomics is better organized as a history of the treatment of information. The book...