„I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.“

—  Joseph Stiglitz, Autobiographical Essay (2001)
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Joseph Stiglitz
Economista e professor (1943-) 1943
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Tibor R. Machan photo

„Without a market in which allocations can be made in obedience to the law of supply and demand, it is difficult or impossible to funnel resources with respect to actual human preferences and goals.“

—  Tibor R. Machan Hungarian-American philosopher 1939 - 2016
Liberty and Research and Development: Science Funding in a Free Society, Introduction chapter: “Some Skeptical Reflections on Research and Development”, Hoover Institution Press, Stanford University (2002) p. xiii http://media.hoover.org/documents/0817929428_xi.pdf

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Hillary Clinton photo

„We are not going to sit idly by and permit state actors to go after our information, our private-sector information or our public-sector information.“

—  Hillary Clinton American politician, senator, Secretary of State, First Lady 1947
Presidential campaign (April 12, 2015 – 2016), First presidential debate (September 26, 2016)

Joseph E. Stiglitz photo

„1. The standard neoclassical model the formal articulation of Adam Smith's invisible hand, the contention that market economies will ensure economic efficiency provides little guidance for the choice of economic systems, since once information imperfections (and the fact that markets are incomplete) are brought into the analysis, as surely they must be, there is no presumption that markets are efficient.
2. The Lange-Lerner-Taylor theorem, asserting the equivalence of market and market socialist economies, is based on a misguided view of the market, of the central problems of resource allocation, and (not surprisingly, given the first two failures) of how the market addresses those basic problems.
3. The neoclassical paradigm, through its incorrect characterization of the market economies and the central problems of resource allocation, provides a false sense of belief in the ability of market socialism to solve those resource allocation problems. To put it another way, if the neoclassical paradigm had provided a good description of the resource allocation problem and the market mechanism, then market socialism might well have been a success. The very criticisms of market socialism are themselves, to a large extent, criticisms of the neoclassical paradigm.
4. The central economic issues go beyond the traditional three questions posed at the beginning of every introductory text: What is to be produced? How is it to be produced? And for whom is it to be produced? Among the broader set of questions are: How should these resource allocation decisions be made? Who should make these decisions? How can those who are responsible for making these decisions be induced to make the right decisions? How are they to know what and how much information to acquire before making the decisions? How can the separate decisions of the millions of actors decision makers in the economy be coordinated?
5. At the core of the success of market economies are competition, markets, and decentralization. It is possible to have these, and for the government to still play a large role in the economy; indeed it may be necessary for the government to play a large role if competition is to be preserved. There has recently been extensive confusion over to what to attribute the East Asian miracle, the amazingly rapid growth in countries of this region during the past decade or two. Countries like Korea did make use of markets; they were very export oriented. And because markets played such an important role, some observers concluded that their success was convincing evidence of the power of markets alone. Yet in almost every case, government played a major role in these economies. While Wade may have put it too strongly when he entitled his book on the Taiwan success Governing the Market, there is little doubt that government intervened in the economy through the market.
6. At the core of the failure of the socialist experiment is not just the lack of property rights. Equally important were the problems arising from lack of incentives and competition, not only in the sphere of economics but also in politics. Even more important perhaps were problems of information. Hayek was right, of course, in emphasizing that the information problems facing a central planner were overwhelming. I am not sure that Hayek fully appreciated the range of information problems. If they were limited to the kinds of information problems that are at the center of the Arrow-Debreu model consumers conveying their preferences to firms, and scarcity values being communicated both to firms and consumers then market socialism would have worked. Lange would have been correct that by using prices, the socialist economy could "solve" the information problem just as well as the market could. But problems of information are broader.“

—  Joseph E. Stiglitz American economist and professor, born 1943. 1943
Whither Socialism? (1994), Ch. 1 : The Theory of Socialism and the Power of Economic Ideas

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„Just in terms of allocation of time resources, religion is not very efficient. There's a lot more I could be doing on a Sunday morning.“

—  Bill Gates American business magnate and philanthropist 1955
1990s, TIME magazine Vol. 149, No. 2 (13 January 1997) http://web.archive.org/web/20000619135050/http://www.time.com/time/gates/gates7.html

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„The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely.“

—  Warren Buffett American business magnate, investor, and philanthropist 1930
Context: The free market’s the best mechanism ever devised to put resources to their most efficient and productive use. … The government isn’t particularly good at that. But the market isn’t so good at making sure that the wealth that’s produced is being distributed fairly or wisely. Some of that wealth has to be plowed back into education, so that the next generation has a fair chance, and to maintain our infrastructure, and provide some sort of safety net for those who lose out in a market economy. And it just makes sense that those of us who’ve benefited most from the market should pay a bigger share. … When you get rid of the estate tax, you’re basically handing over command of the country’s resources to people who didn’t earn it. It’s like choosing the 2020 Olympic team by picking the children of all the winners at the 2000 Games. To Barack Obama, as quoted in The Audacity of Hope: Thoughts on Reclaiming the American Dream (2006), Ch. 5

„Any organization that deals with a changing environment ought not only to process information efficiently, but also create information and knowledge.“

—  Ikujiro Nonaka Japanese business theorist 1935
The Knowledge-creating Company, 1995, Nonaka, I. (1994) “A dynamic theory of organizational knowledge creation”, Organization Science, Vol.5, No.1, February, p. 14. Quoted in: Bratianu (2010).

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„The Web provided me with a much needed realization that information cannot be fully separated from its presentation, and showed me something I knew without verbalizing explicitly, that the presentation form we choose communicates real information.“

—  Erik Naggum Norwegian computer programmer 1965 - 2009
Usenet articles, Miscellaneous, Re: S-exp vs XML, HTML, LaTeX (was: Why lisp is growing) http://groups.google.com/group/comp.lang.lisp/msg/9a30c508201627ee (Usenet article).

„Entrepreneurs often are organizational products… The capital required, human resources, space, information, permits and licenses are all provided, perhaps grudgingly, by existing organizations.“

—  John H. Freeman (1944-2008) US-American sociologist and organizational theorist 1944 - 2008
John H. Freeman, "Entrepreneurs as Organizational Products: Semiconductor Firms and Venture Capital Firms," Advances in the Study of Entrepreneurship, Innovation, and Economic Growth, 1 (1986): 33-52

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