Re: transformation
On Sep 19, 2006, at 11:03 PM, abu hartal wrote:
You said (very roughly) that the price of oil includes information
about likely political conditions. Don’t the Hayekians argue that
prices are nothing but information, information which could not be
gotten any other way than through anonymous unplanned markets?
Of course prices reflect information, but what about the quality of
that information? And what else do the reflect besides information?
In speculative markets, which all markets are to some degree,
emotion, perception, and guesses about tomorrow’s emotions and
perceptions, all figure in as well.
Doug