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It is worth contemplating for a moment a very simple and commonplace instance of the action of the price system to see what precisely it accomplishes. Assume that somewhere in the world a new opportunity for the use of some raw material, say, tin, has arisen, or that one of the sources of supply of tin has been eliminated. It does not matter for our purpose—and it is significant that it does not matter— which of these two causes has made tin more scarce. All that the users of tin need to know is that some of the tin they used to consume is now more profitably employed elsewhere and that, in consequence, they must economize tin. There is no need for the great majority of them even to know where the more urgent need has arisen, or in favor of what other needs they ought to husband the supply. If only some of them know directly of the new demand and switch resources over to it, and if the people who are aware of the new gap thus created in turn fill it from still other sources, the effect will rapidly spread throughout the entire economic system. This influences not only all the uses of tin but also those of its substitutes and the substitutes of these substitutes, the supply of all things made of tin, and their substitutes, and so on. All this takes place without the great majority of those instrumental in bringing about these substitutions knowing anything at all about the original cause of these changes. The whole acts as one market, not be-cause any of its members surveys the whole field, but because their limited individual fields of vision sufficiently overlap so that through many intermediaries the relevant information is communicated to all. The mere fact that there is one price for any commodity—or rather that local prices are connected in a manner determined by the cost of trans-port, etc.—brings about the solution which (if conceptually possible) might have been arrived at by one single mind possessing all the information which is in fact dispersed among all the people involved in the process.
Some people (e.g., Hayek) argue that decentralization of economic decisions in the economy leads to an efficient resource allocation. What differences exist within the firm that make the link between decentralization and efficiency less clear?
What you should you, as a person's manager, do when you encounter a subordinate with a bad attitude?
What are the ethical, legal and economic implications of such location bidding wars? Who pays for such giveaways? Are local citizens allowed to vote on offers made by their cities, counties, or state? Should there be limits on these incentives?
lucille jenkins the ceo for the durham international manufacturing company dimco believes that the company can
Discuss the concept of atonement in Islam versus Christian Theism. How does man find forgiveness, and what allows him entrance into heaven?
Dunstreet's Department Store would like to develop an inventory ordering policy of a 98 percent probability of not stocking out. To illustrate your recommended procedure, use as an example the ordering policy for white percale sheets.
Solve best optimal combination of fans and air conditioners. 2. What is the profit at the optimal combination of fans and air conditioners?
A company's obligation is to be profitable- unprofitable enterprises can't afford to be socially responsible.' Discuss why you agree or disagree with this statement.
What does the case tell you about what it is like to be a project manager? From my Military Veteran perspective, being a project manager is like being an NCO or Sergeant in the Military. You must check up on your workers and tasks.
"Most entrepreneurs don't get the ideas for their products and services from some flash of inspiration. The source of innovation is more like a flashlight"
This week you will create your project communication plan. The Communications Planning process determines the information and communications needs of the stakeholders
Social justice has been defined in different ways, but the definitions usually include similar ideologies. As you study the concept of social justice, you will come across some of the following ideas:
Shirtstop makes T-shirts with logos and sells them in its chain of retail stores. It contracts with 2 different plants - one in Puerto Rico and one in the Bahamas.
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