Production, Planning and Prices

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Production, Planning and Prices

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Title: Production, Planning and Prices
Author: B. Richardson, George
Abstract: 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.
URI: http://hdl.handle.net/10398/8095
Date: 2010-07-02

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