na.devine wrote:
>hayek says, through 'spontaneous order'and god only knows what he meant
>by that.some kind of Darwininan nonsense.
>Schumpeter says, through the activities of the entrepreneur.
>The Chicago/Virginaia school and others, say, by the action of market
>signals upon comsumers and sellers in other words, by the successive
>attainment of 'market equilibrium'.
Hayekians agree with the Chicago folks on the importance of prices as
signalling mechanisms, but 1) they're more likely to emphasize the
"spontaneous order" aspects of the process (prices provide information to
participants who have no other communications with each other, and embody
more knowledge than any central planning authority ever could), and 2) they
don't believe in equilibrium (something they share with a variety of
Keynesians and some Marxists).
What interests me in the Foucaultian context is the coercive, disciplinary
nature of market "signals," but I don't know that anyone has ever run with
that ball.
Doug
--
Doug Henwood
Left Business Observer
250 W 85 St
New York NY 10024-3217 USA
+1-212-874-4020 voice +1-212-874-3137 fax
email: <mailto:dhenwood@xxxxxxxxx>
web: <http://www.panix.com/~dhenwood/LBO_home.html>
>hayek says, through 'spontaneous order'and god only knows what he meant
>by that.some kind of Darwininan nonsense.
>Schumpeter says, through the activities of the entrepreneur.
>The Chicago/Virginaia school and others, say, by the action of market
>signals upon comsumers and sellers in other words, by the successive
>attainment of 'market equilibrium'.
Hayekians agree with the Chicago folks on the importance of prices as
signalling mechanisms, but 1) they're more likely to emphasize the
"spontaneous order" aspects of the process (prices provide information to
participants who have no other communications with each other, and embody
more knowledge than any central planning authority ever could), and 2) they
don't believe in equilibrium (something they share with a variety of
Keynesians and some Marxists).
What interests me in the Foucaultian context is the coercive, disciplinary
nature of market "signals," but I don't know that anyone has ever run with
that ball.
Doug
--
Doug Henwood
Left Business Observer
250 W 85 St
New York NY 10024-3217 USA
+1-212-874-4020 voice +1-212-874-3137 fax
email: <mailto:dhenwood@xxxxxxxxx>
web: <http://www.panix.com/~dhenwood/LBO_home.html>