Prices and knowledge: A market-process perspective

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Index 149private enterprise 96–7, 100–4,108–15; and Nelson 95; andresponse to change 100–2; seealso market systemprofit opportunities 3; andallocation of resources 28; andcentral planning 82–3; anddiscovery 27, 47, 107; anddisequilibrium prices 55–6,58–60, 105, 119; andequilibrium 9–10; and ignorance17; and knowledge problems 10;and the market system 27; andprice discrepancies 22, 60;zeroing in on 78–9, 104profits: and entrepreneurship 17–20;as feedback mechanism 58; asincentives 19–20, 55, 100, 111,114psychology 121public good, information as 53quality, information on 42Quandt, 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; andPareto optimality 73; and Simon70–2scarce good, knowledge 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.: and Austrian school64–5; and concept of boundedrationality 1, 2, 3, 6–7, 64–70,118; and disequilibrium analysis65; and hierarchies 72, 75–6; andignorance 76–8, 84; andknowledge problem 3–4, 7; andmarket-process concept 76–83,84, 87, 90, 93; and pricesmechanism 72–5; and satisficing70–2; and theory of complexity118simplification, of complexity 68–76,116Smith, Adam 65Smith, V.L. 50–1socialist calculation debate, seeLange-Lerner-Taylor-Hayekdebatestability analysis, and equilibriumtheory 102standards, of efficiency 118Stigler, G.J. 22Stiglitz, J.E. 2, 9, 53, 54; see alsoGrossman and 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: and change 106–7;and complexity 99–100transaction costs 110transmission of information, andprices 30, 35, 37–8, 108uncertainty 2, 4, 34, 39, 67, 121; andgovernment intervention 81; andhierarchies 75unemployment 101
150 IndexVeljanowski, C.G. 43voting 73Walrasian concepts 41, 42, 65;of the ‘auctioneer’ 43warranties 121welfare economics 7, 53–5, 106–7;Nelson on 95, 96–100; andomniscience 24–8; and planning36–7Williamson, O.E. 64, 66, 72Winter, S.G. 64, 95, 96–101Woods, W.A. 79zeroing in, on profit opportunities78–9, 104
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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
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86 Prices and knowledgeAgain Mises
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88 Prices and knowledgepoint that
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90 Prices and knowledgeand B’s ta
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92 Prices and knowledgecoordination
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94 Prices and knowledgeFinally, the
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96 Prices and knowledgeBefore prese
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Page 117 and 118: 108 Prices and knowledgedeliberate
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Page 121 and 122: 112 Prices and knowledgeMarkets and
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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 and 146: 136 ReferencesGilad, B. (1981) ‘A
Page 147 and 148: 138 ReferencesKihlstrom, R.E. and M
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: 148 Indexmisinformation 55, 57mista
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