Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek.
Douglass NorthRelated topics
absence existence footnote individual information large market numbers original search under conditions hayek sellers costsRelated quotes
I am of the opinion that all who can should vote for the most intelligent, honest, and conscientious men eligible to office, irrespective of former party opinions, who will endeavour to make the new constitutions and the laws passed under them as beneficial as possible to the true interests, prosperity, and liberty of all classes and conditions of the people.
Robert E. Lee
Each individual is a cosmos of organs, each organ is a cosmos of cells, each cell is a cosmos of infinitely small ones; and in this complex world, the well-being of the whole depends entirely on the sum of well-being enjoyed by each of the least microscopic particles of organized matter. A whole revolution is thus produced in the philosophy of life.
Peter Kropotkin
"What is the meaning of life?" This question has no answer except in the history of how it came to be asked. There is no answer because words have meaning, not life or persons or the universe itself. Our search for certainty rests in our attempts at understanding the history of all individual selves and all civilizations. Beyond that, there is only awe.
Julian Jaynes
