----------------- HES POSTING ----------------- Well, I can say for certain that Frank Knight uses the assumption of perfect knowledge in Risk, Uncertainty and Profit (1921). In fact, the entire text is predicated upon the centrality of that assumption to economic knowledge. I will give you at least one quotation from that text tomorrow when I get to my office. However, since Knight's argument is both a strong statement of neoclassical theory and a critique of it, I'm not sure which side of Larry's divide he should fall! Also, chapter 7 (I believe that's the chapter number) of Risk, Uncertainty, and Profit provides a long list of "minor" assumptions that are necessary in order for a general equilibrium to occur. George Stigler once remarked that the list was bizarre, but I have always liked it. Ross Emmett Augustana University College ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]