--- John Foster <[log in to unmask]> wrote:
> There seems to be an implicit presumption in economic thought which
> is never
> stated in any of the economic treatise's which I have read. That
> presumption
> is that humans can know everything from ecological laws to
> theological laws.
John,
This is an assumption for one of the many models in economic theory.
The notion of perfect information, i.e. information is symmetric and
complete for all parties. It is one of the assumption for *perfect*
competition. This model is often the starting point of economic
theory for most students, but it is not the stopping point. No
economist will take this model to be an accurate reflection of
reality. To offer this as a serious criticism of economic theory is
just plain silly.
> Everything expressed as value in economic theory is predicated on
> human
> knowing. Thus it would appear for instance that something important
Not quite true. Information will have an impact on the price of a
commodity. Poor information will lead to prices that do not contain
all the relevant information.
[snip]
Steve
=====
"In a nutshell, he [Steve] is 100% unadulterated evil. I do not believe in a 'Satan', but this man is as close to 'the real McCoy' as they come."
--Jamey Lee West
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