By G. B. Richardson
This publication, first released in 1960 and now up to date, deals a theoretical exam of the consequences on funding of uncertainty due to insufficient info. the writer investigates the restrictions of the idea of distribution, and the misrepresentations that have been the results of too nice a dependence upon the classical mode of aggressive equilibrium.
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Additional resources for Information and Investment: A Study in the Working of the Competitive Economy
We have, therefore, to inquire as to precisely what kind of information must be presumed in order that they should set out on courses of action such that equilibrium will ultimately be attained. This question, which, despite its crucial importance, has received insufﬁcient systematic attention from economists,23 will concern us very fully in the chapters to come. 23 For a notable exception, see F. A. Hayek, ‘Economics and knowledge’, Economica, 1937. THE TENDENCY TO EQUILIBRIUM 7 At this stage we shall merely note once again that, whether our concern is with either an individual or a related group, the attainment or maintenance of equilibrium must depend on the possession of appropriate information by the people concerned.
Our aim in identifying the equilibrium of a group, as in the case of an individual, is again to relate given objective conditions to the pattern of activities which members of the group will come to adopt in response to them. It would be possible to deﬁne equilibrium in such a way that the group as a whole could be said to be in equilibrium even although its component members were not; it could be taken to imply the attainment and maintenance of particular values for aggregates, such as the levels of output for different commodities, irrespective of whether the activities of individual producers and consumers were constantly changing.
But it must be conceded that this attempt to salvage the ex ante interpretation of the supply curve is scarcely satisfactory. The special kind of differentiation of entrepreneurial capacity which is required is not generally laid down as an assumption necessary to ensure the working of perfect competition. In addition, there would seem to be no particular reason why entrepreneurs should come to form the particular factor price expectations which are necessary to bring forth the scheduled supply.
Information and Investment: A Study in the Working of the Competitive Economy by G. B. Richardson