Kakarot-Handtke, Egmont (2014): Pareto-Efficiency, Hayek’s Marvel, and the Invisible Executor.
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Abstract
This non-technical contribution to the RWER-Blog deals with the interrelations of market clearing, efficient information processing through the price system, and distribution. The point of entry is a transparent example of Pareto-efficiency taken from the popular book How Markets Fail.
| Item Type: | MPRA Paper |
|---|---|
| Original Title: | Pareto-Efficiency, Hayek’s Marvel, and the Invisible Executor |
| Language: | English |
| Keywords: | price system, information processing, distribution |
| Subjects: | B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B59 - Other D - Microeconomics > D3 - Distribution > D30 - General |
| Item ID: | 53056 |
| Depositing User: | Egmont Kakarot-Handtke |
| Date Deposited: | 20 Jan 2014 14:03 |
| Last Modified: | 27 Sep 2019 01:52 |
| References: | Cassidy, J. (2010). How Markets Fail. The Logic of Economic Calamities. London, New York, NY, etc.: Penguin. Hayek, F. A. (1945). The Use of Knowledge in Society. American Economic Review, 35(4): 519–530. URL http://www.jstor.org/stable/1809376. Mirowski, P. (2013). Never Let a Serious Crisis Go to Waste. London, New York, NY: Verso. |
| URI: | https://mpra.ub.uni-muenchen.de/id/eprint/53056 |
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