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Production, Planning and Prices

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Firms do not exist because of the cost of using the price mechanism, but because theyenable actions to be carried out concurrently in conformity with a particular design. Thisconcurrent coordination, which production requires, is distinct from the evolutionarycoordination, which is the unintended consequence of market transactions. The twoprocesses are alternatives only to a limited extent. Evolutionary adjustment cannot bringabout concurrent coordination, and irreducible uncertainty limits the scope of the planningwhich does.

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George B. Richardson

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