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Title: The Economics of Time and Ignorance (Foundations of the Market Economy) by Gerald P. Jr O'Driscoll, Mario J. Rizzo, Roger W. Garrison ISBN: 0-415-12120-5 Publisher: Routledge Pub. Date: August, 1996 Format: Paperback Volumes: 1 List Price(USD): $36.95 |
Average Customer Rating: 4 (1 review)
Rating: 4
Summary: Take some Time to Dispel Your Ignorance
Comment: This book does much to advance the marginalist-subjectivist paradigm in economics. Most economists treat time trivially in their analysis. Some, like Gary Becker, correctly recognize the need to examine how people allocate the only non-renewable resource- time. The Becker approach uses static equilibrium models to address this issue. This represents an advance over the rest of mainstream analysis, but holds the data that people acquire through time constant. This makes convergence on equilibrium conditions possible, if not certain.
Following the work of Mises and Hayek, the authors of this book examine the implications of how knowledge develops through time. As people interact, they learn and change data relevant to their economic plans. We learn and create knowledge simultaneously, and do this differently depending upon the choices we make. Consequently, convergence on equilibrium conditions in markets is not inevitable, and may not even be possible. This makes the concepts of 'real time' and 'ignorance' that the authors discuss relevant to all economics analysis.
This allows us to consider information problems other than second best rational ignorance. We not only know that we do not know some things. We face gaps in our data concerning what we consider finding out about.
This does not mean that equilibrating forces do not exist. It means only that we must consider open ended processes in markets. This is not a new proposition. Adam Smith, the founder of economics as a distinct discipline, thought in evolutionary and process orientated terms.
If there is anything wrong with this book, it is that the authors might be a little too dismissive of conventional economics. Conventional notions of supply, demand, and equilibrium help us to understand economics more than the authors will admit. This approach simplifies many real world complexities. The static approach is not entirely unreal, and does contain enough reality to play an important role in economic analysis. Mainstream economists should, however, be mindful of the extent to which static optimization models fail to explain real world phenomena.
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Title: The New Financial Order : Risk in the 21st Century by Robert J. Shiller ISBN: 0691091722 Publisher: Princeton Univ Pr Pub. Date: 02 April, 2003 List Price(USD): $29.95 |
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Title: The Company : A Short History of a Revolutionary Idea by Adrian Wooldridge, John Micklethwait ISBN: 0679642498 Publisher: Modern Library Pub. Date: 04 March, 2003 List Price(USD): $19.95 |
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Title: The Fatal Conceit: The Errors of Socialism (The Collected Works of F.A. Hayek, Vol 1) by W. W. Bartley, Friedrich A. Hayek ISBN: 0226320669 Publisher: University of Chicago Press (Trd) Pub. Date: August, 1991 List Price(USD): $13.41 |
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Title: The Austrian Theory of the Trade Cycle and Other Essays by Ludwig von Mises, Gottfried Haberler, Murray N. Rothbard, Friedrich A. Hayek, Richard M. Ebeling ISBN: 0945466218 Publisher: Ludwig Von Mises Inst Pub. Date: March, 1996 List Price(USD): $9.95 |
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Title: How to Grow When Markets Don't by Adrian J. Slywotzky, Richard Wise, Karl Weber ISBN: 0446531774 Publisher: Warner Books Pub. Date: 03 April, 2003 List Price(USD): $22.00 |
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