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Michael, 
 
Undoubtedly Greg Ransom or someone else will correct me if I am  
wrong, but I would say that the Austrians do not require such  
perfect knowledge or information.  The usual argument, as  
described pretty clearly in Israel Kirzner's 1997 JEL piece involves  
an optimism regarding the convergence properties of the  
entrepreneurial discovery process.  As Kirzner recognizes, not  
everybody is as optimistic as he is regarding such convergence.  In  
a world of constantly changing technology, etc. etc., it is certainly  
not guaranteed that such discovery processes will converge.   
 
Barkley Rosser 
 
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