Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.
Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.
List of figures Preface 1 INTRODUCTION AND OVERVIEW 2 STATEMENT OF THE PROBLEM 3 THE MAGNETIC LURE OF MARKET SOCIALISM 4 COMPETITION AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY 5 UNCERTAINTY AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY 6 THE PERFECTLY COMPETITIVE MODEL: EVOLUTION OR REVOLUTION? 7 COMPETITION AND THE LAW 8 EVOLUTION VERSUS REVOLUTION: THE CONVENTIONAL WISDOM 9 ALFRED MARSHALL INCREASING RETURNS AND COMPETITION 10 PERFECT COMPETITION: ASCENDANCE AND IMPACT ON HABITS OF THOUGHT 11 STYLIZED ASSESSMENT OF GAIN VERSUS PAIN 12 SUMMARY AND CONCLUSIONS Notes Bibliography Name index Subject index
List of figures Preface 1 INTRODUCTION AND OVERVIEW 2 STATEMENT OF THE PROBLEM 3 THE MAGNETIC LURE OF MARKET SOCIALISM 4 COMPETITION AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY 5 UNCERTAINTY AND ENTREPRENEURSHIP IN CLASSICAL POLITICAL ECONOMY 6 THE PERFECTLY COMPETITIVE MODEL: EVOLUTION OR REVOLUTION? 7 COMPETITION AND THE LAW 8 EVOLUTION VERSUS REVOLUTION: THE CONVENTIONAL WISDOM 9 ALFRED MARSHALL INCREASING RETURNS AND COMPETITION 10 PERFECT COMPETITION: ASCENDANCE AND IMPACT ON HABITS OF THOUGHT 11 STYLIZED ASSESSMENT OF GAIN VERSUS PAIN 12 SUMMARY AND CONCLUSIONS Notes Bibliography Name index Subject index
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