Price Wars w/ Rupert Russell & Isabella Weber
The Dig
00:00
The Importance of Prices as Information Gathering Devices
According to the efficient market hypothesis, prices create a spontaneous order all around us. The idea here is that prices are this unparalleled tool to gather and synthesize information so as to efficiently direct the economy. Some economists across a whole spectrum of schools of economic thought would emphasize the importance of prices as information gathering devices.
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