The economics of imperfect knowledge : collected papers of G.B. Richardson
Author(s)
Bibliographic Information
The economics of imperfect knowledge : collected papers of G.B. Richardson
（Economists of the twentieth century）
E. Elgar, c1998
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The economics of imperfect knowledge
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Note
Includes index
Description and Table of Contents
Description
The central theme of this important book is that the knowledge on which business decisions are taken is limited and uncertain, and that the availability of this knowledge is affected by the nature of the market structure in place.G.B. Richardson argues that the accepted theoretical models of market economies are generally based on assumptions about the knowledge possessed by economic agents which are ill-specified and unrealistic. As a result these models fail to explain properly how the economy really works. He examines the availability to firms of the information they need, as a function of the market structure within which they operate. Neglect of this relationship, he maintains, has rendered invalid the currently prevailing accounts of how markets allocate resources, and new criteria are proposed for judging the efficiency of alternative market forms. The book offers a fresh analysis of competition and cooperation between firms and of the process of innovation.
The Economics of Imperfect Knowledge will be welcomed by those interested in microeconomic theory, industrial organization and competition policy.
Table of Contents
Contents: Acknowledgements Introduction 1. Imperfect Knowledge and Economic Efficiency 2. Schumpeter's History of Economic Analysis 3. Demand and Supply Reconsidered 4. Equilibrium, Expectations and Information 5. The Limits to a Firm's Rate of Growth 6. The Theory of Restrictive Trade Practices 7. The Pricing of Heavy Electrical Equipment 8. Price Notification Schemes 9. Planning Versus Competition 10. The Organisation of Industry 11.Adam Smith on Competition and Increasing Returns 12. Competition, Innovation and Increasing Returns 13. Economic Analysis, Public Policy and the Software Industry Index
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