Re: Markets and info
Jim Devine wrote:
Recent economists (e.g., Akerlof, Stiglitz, coincidentally both winners of the “Nobel” prize) have applied an information-theory approach that undermines Hayek’s celebration of markets. (I guess you could say that they hoist Hayek on his own petard.) For example, Akerlof points to the problem of asymmetric information and “adverse selection.”
As did Smith & Ricardo - but who reads them anymore?
Doug