Marius Calin Benea
Maria Laura Benea
„Politehnica” University Timișoara, Faculty of Engineering Hunedoara, str. Revoluției, Nr.5, Hunedoara, Romania


3rd International Scientific Conference – EMAN 2019 – Economics and Management: How to Cope With Disrupted Times, Ljubljana – Slovenia, March 28, 2019, CONFERENCE PROCEEDINGS published by: Association of Economists and Managers of the Balkans, Belgrade, Serbia; Faculty of Management Koper, Slovenia; Doba Business School – Maribor, Slovenia; Integrated Business Faculty –  Skopje, Macedonia; Faculty of Management – Zajecar, Serbia, ISBN 978-86-80194-17-2, ISSN 2683-4510


Individuals live their lives under the forces of time and ignorance. Since the economy is dealing with the study of a significant part of people’s lives, it was normal that aspects of it to be considered sooner or later. Our intention, when we started this paper, was to develop a certain apparatus of
economic analysis, which unites several branches of the sciences that study the products of cooperation between people and to show how these products evolve depending on the expectations and the time horizon of individuals. The term “ignorance” has nothing pejorative in this context because it is largely the result of a rational choice of individuals. Limiting resources, and in particular time availability, causes people not to use all the information they might gather if they have at their disposal unlimited amounts of time and money. In addition, certain information, such as the tastes and wishes of others, is inaccessible to the individual from an economic point of view. The individual must rely on certain mechanisms and social institutions to co-operate with his fellows, including trading. But one of the temptations that one finds hard to resist is to show how people’s lives can be ameliorated if some bad influences would be eliminated; how can those forces that apparently destroy the plans of individuals can be countered; Finally, how, through some well-thought-out measures, people’s lives can get a happy turn when they no longer expect anything better. From this perspective, we hope that the present paper transmits in an indirect way a clear message: we have resisted this temptation. No! People’s
lives cannot be made better by pencil traits, by genius ideas about the overall social organization or by combating ignorance. Instead, it can be made more difficult and miserable. It is right that social sciences do not have, in the eyes of many, the status of physics or mathematics for example. However, economic constraints are real and cannot be avoided simply by ignoring them. Ignorance becomes truly dangerous only when some people can decide the fate of others over their will.


Economics, time, ignorance.


[1] L. Wittgenstein (2001, paragraph 6.52): We feel that even when all possible scientific propositions receive an answer, our life problems are still not at all achievable. Of course, there is no question in this case; and this is precisely the answer. Life problems are life problems, and scientific issues are scientific issues.
[2] N. Chomsky (1988, p. 317): “I do not think thinking is just a silent speech, but that a considerable part of what we call thinking only consists of a linguistic manipulation.”
[3] F. Hayek (1948, pg.76): „Just as the existence of a common structure of thought is the condition of the possibility of our communicating with one another, of your understanding what I say, so it is also the basis on which we all interpret such complicated social structures as those which we find in economic life or law, in language, and in customs.”
[4] Cf. Mises (1963, pg. 21): “The only standard which it applies is whether or not the means chosen are fit for the attainment of the ends aimed at”.
[5] J. Locke (1961, p. 317): “Because we can acquire knowledge only by clear and certain truths, error is not a guilt of knowledge, but a judgmental error because it gives assent to something that is not true”.

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