Download PDF by G. B. Richardson: Information and Investment: A Study in the Working of the

By G. B. Richardson

ISBN-10: 0191521973

ISBN-13: 9780191521973

ISBN-10: 0198292430

ISBN-13: 9780198292432

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.

Show description

Read Online or Download Information and Investment: A Study in the Working of the Competitive Economy PDF

Similar economy books

Robert Kurz's Schwarzbuch Kapitalismus. Ein Abgesang auf die PDF

Der Kapitalisinus treibt auf eine ausweglose state of affairs zu. Der Lebensstandard breiter Bevölke-rungsschichten sinkt, die Arbeitslosigkeit nirnnit zu. der Ausweg in die Dienstleistungsgesellschaft erweist sich als phantasm. Die Marktwirtschaft wird mit ihren Produktivitätssprüngen - Automation und Globalisierung - nicht mehr fertig.

India: The Growth Imperative - download pdf or read online

This document is the made from a fifteen-month lengthy venture by means of the McKinsey worldwide Institute, operating in collaboration with McKinsey's India place of work, at the monetary functionality of India.

Download e-book for iPad: Multifunctional Rural Land Management: Economics and by Floor Brouwer, C. Martijn van der Heide

The expanding call for for rural land and its typical assets is developing pageant and conflicts. Many events, together with farmers, nature conservationists, rural citizens and travelers, compete for a similar house. specifically in densely populated parts, agriculture, sport, city and suburban progress and infrastructure improvement exert a continuing strain on rural parts.

Additional resources for Information and Investment: A Study in the Working of the Competitive Economy

Example text

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.

Download PDF sample

Information and Investment: A Study in the Working of the Competitive Economy by G. B. Richardson


by Edward
4.1

Rated 4.12 of 5 – based on 50 votes