Prices and knowledge: A market-process perspective
Prices and knowledge: A market-process perspective
Prices and knowledge: A market-process perspective
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Index 149private enterprise 96–7, 100–4,108–15; <strong>and</strong> Nelson 95; <strong>and</strong>response to change 100–2; seealso <strong>market</strong> systemprofit opportunities 3; <strong>and</strong>allocation of resources 28; <strong>and</strong>central planning 82–3; <strong>and</strong>discovery 27, 47, 107; <strong>and</strong>disequilibrium prices 55–6,58–60, 105, 119; <strong>and</strong>equilibrium 9–10; <strong>and</strong> ignorance17; <strong>and</strong> <strong>knowledge</strong> problems 10;<strong>and</strong> the <strong>market</strong> system 27; <strong>and</strong>price discrepancies 22, 60;zeroing in on 78–9, 104profits: <strong>and</strong> entrepreneurship 17–20;as feedback mechanism 58; asincentives 19–20, 55, 100, 111,114psychology 121public good, information as 53quality, information on 42Qu<strong>and</strong>t, R.E. 68Radner, R. 39, 64Rational Expectations 36, 40–2rationality 66, 69, 77;bounded see bounded rationalityreputation 121response: speed of 98; to change100–2, 105risk 2, 26, 34, 39rivalrous competition 5, 44, 50, 65,114, 119Rizzo, M.J. 50Robbinsian maximizer 12–13, 18, 60Robbins, L. 12, 86Rothschild, M. 54rules 121satisficing 7, 77–8, 80, 81, 82; <strong>and</strong>Pareto optimality 73; <strong>and</strong> Simon70–2scarce good, <strong>knowledge</strong> as 4–5scarcity 1, 42Schultz, T.W. 12Schumpeterian economics 65, 122search theory 4, 67, 78shortages 101, 104signals, prices as 3, 29, 48, 121Simon, H.A.: <strong>and</strong> Austrian school64–5; <strong>and</strong> concept of boundedrationality 1, 2, 3, 6–7, 64–70,118; <strong>and</strong> disequilibrium analysis65; <strong>and</strong> hierarchies 72, 75–6; <strong>and</strong>ignorance 76–8, 84; <strong>and</strong><strong>knowledge</strong> problem 3–4, 7; <strong>and</strong><strong>market</strong>-<strong>process</strong> concept 76–83,84, 87, 90, 93; <strong>and</strong> pricesmechanism 72–5; <strong>and</strong> satisficing70–2; <strong>and</strong> theory of complexity118simplification, of complexity 68–76,116Smith, Adam 65Smith, V.L. 50–1socialist calculation debate, seeLange-Lerner-Taylor-Hayekdebatestability analysis, <strong>and</strong> equilibriumtheory 102st<strong>and</strong>ards, of efficiency 118Stigler, G.J. 22Stiglitz, J.E. 2, 9, 53, 54; see alsoGrossman <strong>and</strong> StiglitzStreit, M.E. 29, 38–9, 54, 59‘strict privacy’ concept 50–2subsidies 54‘sufficient statistics’, prices as 1, 29,32, 36, 47–52surprise see change, unexpectedtaxes 54Taylor, F.M. 36, 37; see also Lange-Lerner-Taylor-Hayek debatetime: <strong>and</strong> change 106–7;<strong>and</strong> complexity 99–100transaction costs 110transmission of information, <strong>and</strong>prices 30, 35, 37–8, 108uncertainty 2, 4, 34, 39, 67, 121; <strong>and</strong>government intervention 81; <strong>and</strong>hierarchies 75unemployment 101
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