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In this essay, I would like to analyze the kinds of information market prices convey and why this information is important for the efficient allocation of scarce resources.
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- Words:
- 1629
- Submitted:
- Thu Sep 11 2003
... In the modern world, the world economy is a mixed economy of which free-market economy is the greater part. The price system is a fundamental and significant mechanism of it. It is the price system that enables people living all over the world to cooperate while each one goes after his own interests. That is because everyone goes about his own business with the information he gets, and in standard models, information is only transmitted through market prices. So it is very clear that, in current economy, market prices have a very particular informational role. In this essay, I would like to analyze the kinds of information market prices convey and why this information is important for the efficient allocation of scarce resources. First, let me take a true thing for example. In 2001, the conference of APEC was taken place in Shanghai. Besides the contents of the conference, it was
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