Tài liệu eadings in Applied Microeconomics: The Power of the Market pdf

[...]... siding Think of all the persons and the numberless skills that went into their fabrication: the mining of ore, the making of steel and its refinement into saws, axes, motors; the growing of hemp and bringing it through all the stages to heavy and strong rope; the logging camps with their beds and mess halls, the cookery and the raising of all the foods Why, untold thousands of persons had a hand in. .. throughout the whole economic system and in uence not only all the uses of tin, but also those of its substitutes and the substitutes of these substitutes, the supply of all the things made of tin, and their substitutes, and so on; and all this without the great majority of those instrumental in 10 F A H AY E K bringing about these substitutions knowing anything at all about the original cause of these... one-fourth of an inch in thickness These are kiln dried and then tinted for the same reason women put rouge on their faces People prefer that I look pretty, not a pallid white The slats are waxed and kiln dried again How many skills went into the making of the tint and the kilns, into supplying the heat, the light and power, the belts, motors, and all the other things a mill requires? Sweepers in the mill... is in the type of know-how Neither the miner nor the logger can be dispensed with, any more than can the chemist at the factory or the worker in the oil field—paraffin being a by-product of petroleum Here is an astounding fact: Neither the worker in the oil field nor the chemist nor the digger of graphite or clay nor any who mans or makes the ships or trains or trucks nor the one who runs the machine... when they see it, is the delegation of planning to organized industries, or, in other words, monopoly Which of these systems is likely to be more efficient depends mainly on the question under which of them we can expect that fuller use will be made of the existing knowledge And this, in turn, depends on whether we are more likely to succeed in putting at the disposal of a single central authority all the. .. berry in far off Brazil and food growers elsewhere to my creation; that this is an extreme position I shall stand by my claim There isn’t a single person in all these millions, including the president of the pencil company, who contributes more than a tiny, in nitesimal bit of know-how From the standpoint of know-how the only difference between the miner of graphite in Ceylon and the logger in Oregon... adapting to the ever-changing circumstances of the moment? The fairly widespread belief in the affirmative is not, so far as I can ascertain, borne out by the practical experience of the business man In a competitive industry at any rate—and such an industry alone can serve as a test the task of keeping cost from rising requires constant struggle, absorbing a great part of the energy of the manager... of readings is intended to address that problem The book will help students appreciate the power of the market It supplements theoretical explanations of how markets work with concrete examples It addresses questions about whether markets actually work well And it offers evidence that supposed market failures” are not as serious as claimed Over one-third of the readings focus on vital aspects of markets... Associate Professor of Economics at the University of Washington Kenneth Lehn is Samuel A McCullough Professor of Finance at the Katz Graduate School of Business of the University of Pittsburgh S J Liebowitz is the Ashbel Smith Professor of Economics at the University of Texas at Dallas John R Lott, Jr is Senior Research Scientist at the University of Maryland Foundation Michael T Maloney is Professor of Economics... more than is reflected in the price movement Of course, these adjustments are probably never “perfect” in the sense in which the economist conceives of them in his equilibrium analysis But I fear that our theoretical habits of approaching the problem with the assumption of more or less perfect knowledge on the part of almost everyone has made us somewhat blind to the true function of the price mechanism . available from the British Library Library of Congress Cataloging in Publication Data Readings in applied microeconomics: the power of the market / edited. and an undergraduate course on the moral foundations of capitalism. Readings in Applied Microeconomics The power of the market Edited by Craig M. Newmark First