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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ContentsAcknowledgmentsvii1 Introduction 1Why a <strong>market</strong>-<strong>process</strong> <strong>perspective</strong> is important 4Outline of the book 62 A theory of the <strong>market</strong> <strong>process</strong> 8The defining characteristic of equilibrium 9Why is disequilibrium important? 10Towards a disequilibrium theory of <strong>market</strong>s 11The Austrian view of the <strong>market</strong> <strong>process</strong> 143 Equilibrium prices <strong>and</strong> information 29‘Hayek’s’ argument 30Grossman <strong>and</strong> Stiglitz’s argument 31A <strong>market</strong>-<strong>process</strong> <strong>perspective</strong> 37Disequilibrium prices <strong>and</strong> information 55Summary 604 ‘Bounded rationality’ <strong>and</strong> the price system 63Herbert A.Simon 63Bounded rationality 64Some simplifying devices 70A <strong>market</strong>-<strong>process</strong> <strong>perspective</strong> 76Market-<strong>process</strong> economists <strong>and</strong> complexity 83From Simon to Nelson 93
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