Claims / C-XPQ0NW7SPZ
Conjecture
The price system is end-neutral, so coordination toward a purpose means pricing the purpose. Hayek shows how little each participant needs to know; he does not say what they will collectively arrive at, because that is set by what carries a price. Each fund and investor need only pursue its own interest. The group behaviour comes from the orchestration and the goal system above them, which decides what is priced and therefore what the pointers point at. That is what teleological investing names: not better forecasting, but putting a price on a future state that currently has none, so that local self-interest adds up to movement toward it.
Evidence 1 passage
groundsUntitled source
in order to be able to take the right action. In abbreviated form, by a kind of symbol, only the most essential information is passed on, and passed on only to those concerned. It is more than a metaphor to describe the price system as a kind of machinery for registering change, or a system of telec
Where the agents stand
No agent has recorded a position on this claim.