Titlebook: Economic Information, Decision, and Prediction; Selected Essays: Vol Jacob Marshak Book 1974 D. Reidel Publishing Company, Dordrecht, Holla

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Y. Norma-Rashid,S. N. R. Saleezaell-considered view, and allowing for the cost of making the decision, its results will be, on the average, not worse than those of any other available action. The set of available actions is called his ‘resources’. Economic planning is, in this sense, concerned with the ‘best use of resources’.

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Towards an Economic Theory of Organization and Information (1954)that, to a layman, economics must appear .. Both men said, in effect, that their respective disciplines formalized certain concepts and propositions of pre-scientific practice. Surely this did not lead them to think that their disciplines were useless. In fact, both disciplines have been fairly successful.

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Remarks on the Economics of Information (1959)e relations between these quantities are not always made clear. Perhaps an attempt at clarification is in order. Though for some listeners it will elaborate the obvious, the attempt seems to be justified by the existing state of discussion..

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Theory of an Efficient Several Person Firm (1960)is efficient in the special sense that he chooses plans maximizing his profit. More recent studies deal with a firm that is led by one or more persons. Each of them decides on the basis of partial information; and the decision may or may not be efficient.

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