[lbo-talk] Markets and info

Doug Henwood dhenwood at panix.com
Fri May 12 06:41:15 PDT 2006


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



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