Production, Planning and Prices

George B. Richardson

Publikation: Working paperForskning

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Firms do not exist because of the cost of using the price mechanism, but because they enable actions to be carried out concurrently in conformity with a particular design. This concurrent coordination, which production requires, is distinct from the evolutionary coordination, which is the unintended consequence of market transactions. The two processes are alternatives only to a limited extent. Evolutionary adjustment cannot bring about concurrent coordination, and irreducible uncertainty limits the scope of the planning which does.
Udgivelses stedFrederiksberg
UdgiverDRUID - Danish Research Unit for Industrial Dynamics
Antal sider21
ISBN (Trykt)8778730651
StatusUdgivet - 1998
Udgivet eksterntJa
NavnDRUID Working Paper


Richardson, G. B. (1998). Production, Planning and Prices. DRUID - Danish Research Unit for Industrial Dynamics. DRUID Working Paper, Nr. 98-27