"One can in particular interpret the proposition as a statement conditions under which the simplicity of incentive structure and the economies of information handling characteristic of a competitive market organization can be secured without loss of efficiency of allocation... The price system carries to each producer, resource holder, or consumer a summary of information about the production possibilities, resource availabilities and preferences of all other decision makers. Under the conditions postulated, this summary is all that is needed to keep all decision makers reconciled with a Pareto optimal state once it has been established."
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Academics from the United StatesNobel laureates from the United StatesMathematicians from the United StatesEconomists from the United StatesNobel laureates in Economics
Original Language: English
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p. 53, as cited in: Harold Kincaid, ‎Don Ross (2009) The Oxford Handbook of Philosophy of Economics. p. 128
https://en.wikiquote.org/wiki/Tjalling_Koopmans
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Tjalling Koopmans
Tjalling Charles Koopmans (August 28, 1910 – February 26, 1985) was a Dutch-American mathematician and economist, the joint winner with Leonid Kantorovich of the 1975 .
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