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