The Epistemology of Democracy and the Market: Rejoinder to Elliott

Abstract

ABSTRACT Epistemic democratic theory often focuses on defending democracy from various forms of elitism, such as epistocracy. However, democracy’s informational properties may also be compared with those of the market, and not other forms of political decision-making. While Kevin Elliott’s critique of the market’s epistemic properties is a welcome contribution that broadens the range of comparisons epistemic democratic theory engages with, Elliott mischaracterizes arguments made by market theorists, overlooks their justifications for employing unrealistic assumptions, and ignores instances where they agree with his critiques and arguments. This paper examines arguments regarding the epistemology of democracy and the market, and discusses the comparative knowledge requirements each competitive system requires of its participants within the wider context of epistemic democratic theory.