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The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices a
The development of international trade theory has created a wide array of different theories, concepts and results. Nevertheless, trade theory has been split be
"What The Double Helix did for biology, David Warsh's Knowledge and the Wealth of Nations does for economics." —Boston Globe A stimulating and inviting tour o
Why do consumer prices and wages adjust so slowly to changes in market conditions? The rigidity or stickiness of price setting in business is central to Keynesi
The Routledge Handbook of the Economics of Knowledge provides a comprehensive framework to integrate the advancements over the last 20 years in the analysis of
