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The Architecture of Economic Systems: Hierarchies and Polyarchies
Raaj Kumar Sah and Joseph E. Stiglitz
The American Economic Review
Vol. 76, No. 4 (Sep., 1986), pp. 716-727
Published by: American Economic Association
Stable URL: http://www.jstor.org/stable/1806069
Page Count: 12
You can always find the topics here!Topics: Polyarchy, Economic systems, Architecture, Market economies, Signals, Quality analysis, News content, Classical economics, Direct costs, Economic costs
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This paper presents some new ways of looking at economic systems and organizations. Individuals' judgments entail errors; they sometimes reject good projects and accept bad projects (or ideas). The architecture of an economic system (i.e., how the decision-making units are organized together within a system, who gathers what information, and who communicates what with whom) affects the errors made by individuals within the system, as well as how those errors are aggregated.
The American Economic Review © 1986 American Economic Association