----------------- HES POSTING ----------------- Lionel Robbins & Friedrich Hayek were two of those who did the most to emphasize and promote the significance of the "perfect knowledge" assumption in economics. It is my perception that both Robbins & Hayek derived this language, and much of there understanding of the significance of the "perfect knowledge' assumption from Knight's _Risk, Uncertainty and Profit_. At the LSE in the 1930's the first-half (not insignificant) of Knight's _Risk, Uncertainty and Profit_ was used as the equivalent of the standard textbook in economics. Greg Ransom, MiraCosta College ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]