Prices and Knowledge: A Market-Process Perspective

✍ Scribed by Esteban F. Thomsen

Publisher: Routledge
Year: 1992
Tongue: English
Leaves: 159
Series: Routledge Foundations of the Market Economy
Edition: annotated edition
Category: Library

No coin nor oath required. For personal study only.

✦ Synopsis

Prices and Knowledge examines the growing field of information economics which views prices not as straightforward indicators of scarcity but as sources of communicating information. Esteban F. Thomsen considers situations of disequilibrium when prices communicate imperfect information. Viewing market activity as a continuing process of change rather than as a fully adjusted state, he demonstrates that disequilibrium prices can become sources of profit opportunities.

✦ Table of Contents

Book Cover......Page 1
Title......Page 4
Contents......Page 5
Acknowledgments......Page 8
Introduction......Page 10
A theory of the market process......Page 17
Equilibrium prices and information......Page 38
'Bounded rationality' and the price system......Page 72
Change, responsiveness and co-ordination......Page 104
Conclusions......Page 126
Notes......Page 132
References......Page 143
Index......Page 152

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