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Published in:
1976 | OriginalPaper | Chapter
Imperfections of Information
Author : P. J. Curwen
Published in: The Theory of the Firm
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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The crux of the problem has been expressed by Margolis as follows:
1
The information and calculability necessary for the management of a firm to move to its equilibrium profit-maximising price-output combination are clearly not available. Uncertainty and ignorance are omni-present. No matter how pleasing may be the prospect of an activity with the greatest possible profits, the choice for management is rarely on the agenda.