Question
The market is a process, not an equilibrium state. Explain this statement with reference to the role that prices, profit, and loss perform in guiding
The market is a process, not an equilibrium state. Explain this statement with reference to the role that prices, profit, and loss perform in guiding the choices of market participants. How does your explanation relate to the ideas and arguments presented in Hayek (1945) 'The Use of Knowledge in Society'?
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Principles of Economics
Authors: N. Gregory Mankiw
8th edition
1305585127, 978-1305971493, 978-1337516860, 1337516864, 978-0357539200, 978-1305585126
