Economia
F. A. Hayek: Prices and Economic Order
"... In 1936, the year in which (entirely coincidentally) John Maynard Keynes published The General Theory, I suddenly saw, as I prepared my presidential address to the London Economic Club, that my previous work in different branches of economics had a common root. This insight was that the price system was really an instrument which enabled millions of people to adjust their efforts to events, demands, and conditions of which they had no concrete, direct knowledge, and that the whole coordination of the world economy was due to certain practices and usages which had grown up unconsciously...
I gradually found that the basic function of economics was to explain the process of how human activity adapted itself to data about which it had no information. Thus the whole economic order rested on the fact that by using prices as a guide, or as signals, we were led to serve the demands and enlist the powers and capacities of people of whom we knew nothing. It was because we had relied on a system which we had never understood and which we had never designed that we had been able to produce the wealth to sustain an enormous increase in the world's population, and to begin to realize our new ambitions of distributing this wealth more justly. Basically, the insight that prices were signals bringing about the unforeseen coordination of the efforts of thousands of individuals was in a sense the modern cybernetics theory, and it became the leading idea behind my work..."
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Economia
A função do sistema de preços
F. A. Hayek: Prices and Economic Order
"... In 1936, the year in which (entirely coincidentally) John Maynard Keynes published The General Theory, I suddenly saw, as I prepared my presidential address to the London Economic Club, that my previous work in different branches of economics had a common root. This insight was that the price system was really an instrument which enabled millions of people to adjust their efforts to events, demands, and conditions of which they had no concrete, direct knowledge, and that the whole coordination of the world economy was due to certain practices and usages which had grown up unconsciously...
I gradually found that the basic function of economics was to explain the process of how human activity adapted itself to data about which it had no information. Thus the whole economic order rested on the fact that by using prices as a guide, or as signals, we were led to serve the demands and enlist the powers and capacities of people of whom we knew nothing. It was because we had relied on a system which we had never understood and which we had never designed that we had been able to produce the wealth to sustain an enormous increase in the world's population, and to begin to realize our new ambitions of distributing this wealth more justly. Basically, the insight that prices were signals bringing about the unforeseen coordination of the efforts of thousands of individuals was in a sense the modern cybernetics theory, and it became the leading idea behind my work..."
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Steven Kates, “Reassessing the Political Economy of John Stuart Mill” In this month's Liberty Matters online discussion we reassess the economic ideas of John Stuart Mill as found in his classic work Principles of Political Economy (1st...
- O Sistema De Preços
"We must look at the price system as such a mechanism for the communicating information if we want to understand its real function ... It is more than a metaphor to describe the price system as a kind of machinery for registering change, or a system of...
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Economics is organized common sense. Here is a short list of valuable lessons that our beautiful subject teaches. 1. Many things that are desirable are not feasible. 2. Individuals and communities face trade-offs. 3. Other people have more information...
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Greg. Mankiw comenta o novo livro de Robert Skidelsky, o biógrafo "oficial" de John Maynard Keynes, no WSJ. "Keynesian theory is based in part on the premise that wages and prices do not adjust to levels that ensure full employment. But if recessions...