Description - Perfect Competition and the Transformation of Economics by Frank Machovec
In this work, the author argues that the assumption of perfect information revolutionized economics, doing untold damage to the discipline. These concepts have provided the rationale for the sort of active state intervention long warned against by the classsical economists. It also obscured the extent to which the entrepreneurial activity, which brings long term benefits to society, depends upon the exploitation of asymmetric information.
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