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Date: | Fri Mar 31 17:18:55 2006 |
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----------------- HES POSTING -----------------
The question of perfect knowledge is a wonderful it litmus test for
economists. For the Austrians, the absence of perfect knowledge
constitutes prove that the Hayekian process of discovery is the
best way of organizing information. However, I don't know how the
Austrians handle the investment in long-lived capital goods. What
sort of private information does business have to allow it to make
the right decisions?
Marshall has it both ways. He realistically dismisses the idea of
perfect knowledge then sets economics off on the course of
formalization, which requires perfect knowledge.
For those economists who do not follow the Austrians path, what
sort of optimality can they claim for the market in the absence of
perfect knowledge?
Michael Perelman
California State University, Chico
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Ross B. Emmett
John P. Tandberg Associate Professor of Economics
Manager, Electronic Information, History of Economics Society
Augustana University College
Camrose, Alberta CANADA T4V 2R3
voice: (780) 679-1517 fax: (780) 679-1129
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URL: http://www.augustana.ab.ca/~emmer/
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