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The Knowledge We Have Lost in InformationThe History of Information in Modern Economics$
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Philip Mirowski and Edward Nik-Khah

Print publication date: 2017

Print ISBN-13: 9780190270056

Published to Oxford Scholarship Online: June 2017

DOI: 10.1093/acprof:oso/9780190270056.001.0001

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The Walrasian School of Design

The Walrasian School of Design

Chapter:
(p.161) 11 The Walrasian School of Design
Source:
The Knowledge We Have Lost in Information
Author(s):

Philip Mirowski

Edward Nik-Khah

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190270056.003.0011

This chapter describes the first of three chronological schools of market design, in this chapter the Walrasian School. The primary examples come from work by Leonid Hurwicz and Stanley Reiter. The starting point for this approach was the thing-like version of information characteristic of Shannon. We discuss the design task dictated by this approach, as well as the reasons for the eventual failure of this school of design.

Keywords:   Leonid Hurwicz, Stanley Reiter, information economists, market socialists, Hayek equilibrium, tâtonnement process

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