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The conditions under which market prices alone suffice to coordinate an economy are so extreme as to be absurd.
Drawn from what Cosma Rohilla Shalizi said
What Cosma Rohilla Shalizi actually said
- Cosma Rohilla Shalizi Statistician at Carnegie Mellon; writes on complex systems
The conditions under which equilibrium prices really are all a decision-maker needs to know, and really are sufficient for coordination, are so extreme as to be absurd.
Where this was said
↗In Soviet Union, Optimization Problem Solves Youbactra.org
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