One can in particular interpret the proposition as a statement conditions under which the simplicity of incentive structure and the economies of information handling characteristic of a competitive market organization can be secured without loss of efficiency of allocation... The price system carries to each producer, resource holder, or consumer a summary of information about the production possibilities, resource availabilities and preferences of all other decision makers. Under the conditions postulated, this summary is all that is needed to keep all decision makers reconciled with a Pareto optimal state once it has been established.
Tjalling KoopmansRelated topics
allocation characteristic consumer decision efficiency handling holder incentive information loss market once organization particular price producer production proposition resource simplicity state statement structure summary system under conditions optimal preferences paretoRelated quotes
...we have become rich in a variety of acquirements, favoured above measure in the gifts of Providence, unrivalled in commerce, pre-eminent in arts, foremost in the pursuits of philosophy and science, and established in all the blessings of civil society; we are in the possession of peace, of happiness, and of liberty; we are under the guidance of a mild and beneficent religion; and we are protected by impartial laws, and the purest administration of justice: we are living under a system of government which our own happy experience leads us to pronounce the best and wisest which has ever yet been framed; a system which has become the admiration of the world.
William Pitt the Younger
Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.
Ernest Mandel
The main theme of this report is a particular facet of the general problem of pre-organization in self-organizing systems, namely, the theory and circuitry of information processing networks. One may consider these networks as a special type of parallel computation channels which extract from the set of all possible inputs a particular subset which is deļ¬ned by the internal structure of the network. The advantage of such operationally deterministic networks in connection with adaptive systems is the obvious reduction in channel capacity of the adaptors, if it is possible to predetermine classes of inputs which are supposed to be meaningful for those interacting with the automaton.
Heinz von Foerster
In [Aristotle's] formal logic, thought is organized in a manner very different from that of the Platonic dialogue. In this formal logic, thought is indifferent toward its objects. Whether they are mental or physical, whether they pertain to society or to nature, they become subject to the same general laws of organization, calculation, and conclusion - but they do so as fungible signs or symbols, in abstraction from their particular "substance." This general quality (quantitative quality) is the precondition of law and order - in logic as well as in society - the price of universal control.
Herbert Marcuse
The document normally kicks off with a lengthy description of current industry conditions and the competitive situation. Next is a discussion of how to increase market share, capture new segments, or cut costs, followed by an outline of numerous goals and initiatives. A full budget is almost invariably attached, as are lavish graphs and a surfeit of spreadsheets. The process usually culminates in the preparation of a large document culled from a mishmash of data provided by people from various parts of the organization who often have conflicting agendas... Executives are paralyzed by the muddle. Few employees deep down in the company even know what the strategy is.
W. Chan Kim
