Re: Computers and socialism

[Justin Schwartz <jschwart@xxxxxxxxxxxxxxxxxxxxxx>]

By a market I mean a system of exchange in which scarce goods are bought
and sold and where supply and demand constraints (buyer's resources and
ability to find alternate sellers) imposes objective price limitations on
the commodities exchanged.

--Justin Schwartz

On Thu, 18 Jan 1996, Doug Henwood wrote:

> Here we go again, on a debate about "markets" without any precise
> definition of the term.
>
> What I mean in this context is some decentralized institution/mechanism for
> responding to changes in consumer preferences, and some mechanism for
> innovations to percolate upwards, from contacts at the micro level between
> individuals and/or enterprises. The Hayekians overdo the prices as
> signaling mechanism theory - there's a lot of noise in prices mixed in with
> the signal, and for social reasons, you might want to overrule the signals
> - but it does have a grain of truth to it.
>
> What does everyone else mean?
>
> Doug
>
> --
>
> Doug Henwood
> Left Business Observer
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>
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