The Architecture of Economic Systems: Hierarchies and Polyarchies
AbstractThe authors present new ways of looking at economic organizations andsystems. Individuals' judgments entail errors (they sometimes reject good projects and accept bad projects). The architecture of an economicsystem, specifying how the decision making units are organized togetherwithin a system, who gathers what information, and who communicates what with whom, affects its performance both because it influences thenature of errors that individuals make within the system, and becauseit has a critical effect on the aggregation of individuals' errors. Theperformance of two polar architectures, decentralized (polyarchical) versus centralized (hierarchical) decision-making authorities are analyzed and compared. Copyright 1986 by American Economic Association.
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Bibliographic InfoArticle provided by American Economic Association in its journal American Economic Review.
Volume (Year): 76 (1986)
Issue (Month): 4 (September)
Other versions of this item:
- Raaj Kumar Sah & Joseph E. Stiglitz, 1984. "The Architecture of Economic Systems: Hierarchies and Polyarchies," NBER Working Papers 1334, National Bureau of Economic Research, Inc.
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- Sah, Stiglitz 1986: Kdaj je tržni kapitalizem učinkovitejši od hierarhičnih struktur?
by andee in V krizi smisla tiči misel on 2010-04-14 12:00:00
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