Production, Planning and Prices

George B.  Richardson

Production, Planning and Prices

George B. Richardson

University of Oxford

Research output: Working paper › Research

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Abstract

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.

Original language	English
Place of Publication	Frederiksberg
Publisher	DRUID - Danish Research Unit for Industrial Dynamics
Number of pages	21
ISBN (Print)	8778730651
Publication status	Published - 1998
Externally published	Yes

Series	DRUID Working Paper
Number	98-27

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DRUID Working Paper No. 98-27Final published version, 46.1 KBLicence: CC BY-NC-ND

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Cite this

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