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A Critical History
Albrecht Ritschl
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R2,545
Discovery Miles 25 450
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Ships in 10 - 15 working days
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My original intention in writing this book was to consider evolving
mar ket systems and Hayekian criteria of efficiency (see von Hayek
(1931, 1945) ), and to discover those formal structures which might
possibly lie at the base of economic systems capable of evolution.
Much work in this field had already been done by others (see, for
example, Kirzner (1975) and Nelson/Winter (1982) ), and a consensus
seems to have been reached that something like system theory must
be the logical point of departure for evolutionary theory in
economics. But most of the previous work in this area is purely
intuitive, and though there is much talk in it of systems and
system theory, a precise definition of the concept of a system in
this context is nowhere to be found. I had hoped to be able to
sketch a working definition of pricing and production systems in a
few pages and then to go on to investigate their performance within
the framework of modern stability analysis. It soon became clear,
however, that difficult and complex problems arise from the very
outset of such an endeavor. If, for example, one speaks of dynamic
systems of pricing and production, it should be made clear just how
these systems differ from those portrayed in standard price theory
and why that theory is inadequate for such analysis."
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