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As that all members of company even if and not to assume their omniscient, on
To extreme measure should learn automatically everything that is relevant for their decisions.
It seems that a skeleton in our case - "the economic person" whom we expelled
Post and prayer, - has returned through a rear entrance in the form of the quasiomniscient
The assertion that if is known to people it it they are in a condition
Balance, it is truly simple because we so we define balance. An assumption
The perfect market in this case there is only a different way to say that
Balance exists, but it does not approach us to an explanation, when and as
Such condition will arise. It is obvious, if we wish to declare that at
Certain conditions people will come nearer to this condition should
To explain, how they will find necessary knowledge. Certainly, any
The assumption of real acquisition of knowledge during such process also
Will have hypothetical character. But it does not mean that all such
Assumptions are equally defensible. We should deal here with
Assumptions of causal relationships and consequently such assumptions should
To be considered not only as possible (that is, of course, excessive if we is simple
We consider people omniscient), but also as, with a known share of probability, true.
There should be a possibility, at least basically, to demonstrate them
The validity in concrete cases.
Important here what these obviously auxiliary hypotheses or assumptions
About that people really study on the experience, and, how they
Acquire knowledge, make the empirical contents of our statements on
To event occasion in the real world. Usually they appear disguised and
Partial - in the form of the description of that type of the market which we concern
Statements. However it only one, though, apparently, and the most important,
Aspect of the more general question on how the knowledge is acquired and transmitted.
The essential moment which as it seems to me, economists often do not realise,
Consists in that similar hypotheses have in many respects other nature, than those
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