Resource title

Production, Planning and Prices

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Resource description

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.

Resource author

George B. Richardson

Resource publisher

Resource publish date

Resource language

eng

Resource content type

application/pdf

Resource resource URL

http://hdl.handle.net/10398/8095

Resource license

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