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Abstract:
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Firms do not exist because of the cost of using the price mechanism, but because they
enable actions to be carried out concurrently in conformity with a particular design. This
concurrent coordination, which production requires, is distinct from the evolutionary
coordination, which is the unintended consequence of market transactions. The two
processes are alternatives only to a limited extent. Evolutionary adjustment cannot bring
about concurrent coordination, and irreducible uncertainty limits the scope of the planning
which does. |
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