----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]