Prices and knowledge: A market-process perspective

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References 137—— (1944) The Road to Serfdom, Chicago: University of Chicago Press.—— (1945) ‘The use of knowledge in society’, American Economic Review 34(September): 519–30. Reprinted in idem, Individualism and Economic Order,London: Routledge & Kegan Paul, 1976.—— (1946) ‘The meaning of competition’, in idem, Individualism andEconomic Order, London: Routledge & Kegan Paul, 1976.—— (1964) ‘The theory of complex phenomena’, in M.Bunge (ed.) The CriticalApproach to Science and Philosophy: Essays in Honor of K.R.Popper, NewYork: Free Press. Reprinted in F.A.Hayek, Studies in Philosophy, Politics andEconomics, Chicago: University of Chicago Press, 1967.—— (1968) ‘Competition as a discovery procedure’, in idem, New Studies inPhilosophy, Politics, Economics and the History of Ideas, Chicago: Universityof Chicago Press.—— (1973) Law, Legislation and Liberty, Vol. 1, Chicago: University of ChicagoPress.—— (1979) Law, Legislation and Liberty, Vol. 3, Chicago: University of ChicagoPress.Hellwig, M.F. (1980) ‘On the aggregation of information in competitivemarkets’, Journal of Economic Theory 22 (June): 477–98.Hey, J.D. (1981) Economics in Disequilibrium, New York: New York UniversityPress.High, J. (1986) ‘Equilibration and disequilibration in the market process’, inI.M.Kirzner (ed.) Subjectivism, Intelligibility and Economic Understanding,New York: New York University Press.Hirshleifer, J. (1971) ‘The private and social value of information and thereward to inventive activity’, American Economic Review 61 (September):561–73.Hirshleifer, J. and Riley, J.G. (1979) ‘The analytics of uncertainty andinformation: an expository survey’, Journal of Economic Literature 17(December): 1375–421.Hurwicz, L. (1960) ‘Optimality and informational efficiency in resourceallocation processes’, in K.J.Arrow, S.Karlin, and P.Suppes (eds)Mathematical Methods in the Social Sciences, 1959, Stanford, Calif: StanfordUniversity Press.—— (1972) ‘On informationally decentralized systems’, in C.B.McGuire andR.Radner (eds) Decision and Organization, Amsterdam and London: North-Holland Publishing Co.—— (1973) ‘The design of resource allocation mechanisms’, AmericanEconomic Review Papers and Proceedings 58 (May): 1–30. Reprinted in K.J.Arrow and L.Hurwicz (eds) Studies in Resource Allocation Processes,Cambridge: Cambridge University Press, 1977.—— (1977) ‘On the dimensional requirements of informationally decentralizedPareto-satisfactory processes’, in K.J.Arrow and L.Hurwicz (eds) Studies inResource Allocation Processes, Cambridge: Cambridge University Press,1977.—— (1984) ‘Economic planning and the knowledge problem: a comment’, CatoJournal 2 (fall): 419–25.Hutchison, T.W. (1938) The Significance and Basic Postulates of EconomicTheory, London: Macmillan.
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Prices and knowledge
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ContentsAcknowledgmentsvii1 Introdu
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Chapter 1IntroductionIn recent deca
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Introduction 3to changes, and not a
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6 Prices and knowledgeOUTLINE OF TH
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Chapter 2A theory of the market pro
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10 Prices and knowledgeexistence of
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12 Prices and knowledgebehavior of
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14 Prices and knowledgedisequilibri
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16 Prices and knowledgeresources kn
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18 Prices and knowledgeproduce, bet
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20 Prices and knowledgeimportant in
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22 Prices and knowledgeauxiliary’
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24 Prices and knowledgeSome writers
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26 Prices and knowledgeall practica
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28 Prices and knowledgemarket parti
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30 Prices and knowledgeprices fully
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32 Prices and knowledgeoptimal allo
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34 Prices and knowledgeAn example.
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36 Prices and knowledgeIn this case
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38 Prices and knowledgeequilibrium.
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40 Prices and knowledgethose return
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42 Prices and knowledgeprices in th
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44 Prices and knowledgeThe informat
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46 Prices and knowledgeinformationa
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48 Prices and knowledgeas devices f
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50 Prices and knowledgeIt is probab
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52 Prices and knowledgetrue that in
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54 Prices and knowledgeknowledge st
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56 Prices and knowledgereached in r
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58 Prices and knowledgecorrespond t
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60 Prices and knowledgetake it away
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62 Prices and knowledgecritics of t
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64 Prices and knowledgeto work out
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66 Prices and knowledgebehavior in
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68 Prices and knowledgerich’ worl
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70 Prices and knowledgeThus the sim
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72 Prices and knowledgeSimon calls
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74 Prices and knowledgebelieves tha
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76 Prices and knowledgeIf what is u
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78 Prices and knowledgeoccurring wi
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80 Prices and knowledgecomputationa
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82 Prices and knowledgemaximizing a
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84 Prices and knowledgeframework de
Page 95 and 96: 86 Prices and knowledgeAgain Mises
Page 97 and 98: 88 Prices and knowledgepoint that
Page 99 and 100: 90 Prices and knowledgeand B’s ta
Page 101 and 102: 92 Prices and knowledgecoordination
Page 103 and 104: 94 Prices and knowledgeFinally, the
Page 105 and 106: 96 Prices and knowledgeBefore prese
Page 107 and 108: 98 Prices and knowledgeas will be s
Page 109 and 110: 100 Prices and knowledgeapples in l
Page 111 and 112: 102 Prices and knowledgeThe identif
Page 113 and 114: 104 Prices and knowledgeAs with Sim
Page 115 and 116: 106 Prices and knowledgerealized th
Page 117 and 118: 108 Prices and knowledgedeliberate
Page 119 and 120: 110 Prices and knowledgeframework s
Page 121 and 122: 112 Prices and knowledgeMarkets and
Page 123 and 124: 114 Prices and knowledgeassigned an
Page 125 and 126: 116 Prices and knowledgemain virtue
Page 127 and 128: 118 Prices and knowledgechapter 3 t
Page 129 and 130: 120 Prices and knowledgenoticed, wo
Page 131 and 132: 122 Prices and knowledgeAs a by-pro
Page 133 and 134: 124 Notesmoney, the behavior of arb
Page 135 and 136: 126 Notes14 It is not clear why the
Page 137 and 138: 128 Notes39 See also Hahn (1984a:11
Page 139 and 140: 130 Notestheories of cognition held
Page 141 and 142: 132 Notes3 Economists, Nelson and W
Page 143 and 144: ReferencesAkerlof, G.A. (1970) ‘T
Page 145: 136 ReferencesGilad, B. (1981) ‘A
Page 149 and 150: 140 ReferencesOsana, H. (1978) ‘O
Page 151 and 152: 142 Referencesfrontiers of analytic
Page 153 and 154: 144 IndexCercone, N. 79change: and
Page 155 and 156: 146 Index61, 118; on costless infor
Page 157 and 158: 148 Indexmisinformation 55, 57mista
Page 159: 150 IndexVeljanowski, C.G. 43voting
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