Timothy Caluya ECON 158 February 14, 2018 Class Paper Analysis Picture yourself walking down a busy street that is filled with many people. As you survey around, you notice a familiar face through the crowd of people. As you take a closer look, you notice it is your childhood friend. As this moment occurs, have you ever asked yourself, "why do I notice this person out of the many people in this area?" Could it be because of their looks? Could it be because of the old memories I had with this person? These questions are answered with tacit knowledge. By analyzing the four aspects of tacit knowledge and how it affects our ways of thinking, we hope to learn how important it is for a successful entrepreneur to possess a great amount of tacit knowledge. …show more content…
This aspect is best explained by the example of a blind man with a cane. The blind man may not be able to physically see with his own eyes, but it is the cane that is able to create a vision for him. The man uses the cane as a tool to give a sense in his mind. If we use a tool and are accustomed to it, we locate the tool's effect (meaning of its impact) on ourselves (our hand). The fourth and final aspect is the "ontological" aspect. Out of the four aspects Polyani gives, I found this one to be the most complex. The "ontological" aspect is the whole understanding of tacit knowledge. It is the purpose and the meaning beyond and establishes what the relation of what tacit knowledge is. In the reading, Polyani explains that the way we view an object is because of our awareness of efforts in our bodies. Each of these efforts of awareness differs from one another, giving each and one of us our personal perspective. With the four aspects explained, it is easy to see how tacit knowledge plays a major role in the way we think. The major point from this reading is that tacit knowledge is the source for our internal framework. Tacit knowledge is our experiences, commitment, and competence. It is what truly makes us unique from one another and how we each view things …show more content…
Entrepreneurs heavily rely on tacit knowledge because it is what creates a failing entrepreneur and a succeeding entrepreneur. By analyzing the four aspects of tacit knowledge that Polyani describes to us, it is simple to see why tacit knowledge is more usable than explicit knowledge. Entrepreneurs must take the time and analyze their own tacit knowledge to see where improvement can be made. As a future economist, tacit knowledge can be used when analyzing data and making decisions based on that data. This reading was very interesting in a philosophical point-of-view and has really connected myself with "the tacit