Information and Efficiency: Another Viewpoint

  title={Information and Efficiency: Another Viewpoint},
  author={Harold Demsetz},
  journal={The Journal of Law and Economics},
  pages={1 - 22}
  • H. Demsetz
  • Published 1 April 1969
  • Economics
  • The Journal of Law and Economics
THE importance of bringing economic analysis to bear on the problems of efficient economic organization hardly requires comment, but there is a need to review the manner in which the notion of efficiency is used in these problems. The concept of efficiency has been abused frequently because of the particular approach used by many analysts. My aim is to examine the mistakes and the vagueness associated with this approach. I shall focus attention on the problem of efficiently allocating resources… 
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