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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
Stable URL: http://www.jstor.org/stable/1806069
Page Count: 12
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The Architecture of Economic Systems: Hierarchies and Polyarchies
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Abstract

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.

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