Quotation of the Day…

(Don Boudreaux)

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… is from page 27 of the late Jerry Ellig’s 2001 paper, co-authored with my student Daniel Lin, “A Taxonomy of Dynamic Competition Theories,” which is Chapter 1 of Dynamic Competition and Public Policy (Jerry Ellig, ed., 2001) (references deleted; emphasis added):

Most economic analysis treats uncertainty as a factor that prevents the creation or diminishes the efficiency of markets. Austrian analysis treats markets as one response to uncertainty. Markets permit individuals to act on their limited information, to receive feedback, and to discover and communicate knowledge to others. The market price system is a way to summarize and transmit information in a swift and flexible way to the people who would be most interested.