Economics Dictionary of Arguments

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Author Item Summary Meta data
I 149
Markets/SurowieckiVsSmith, Vernon L. /Surowiecki: Smith's laboratory results (1) (See Markets/Smith, Vernon) do not apply to all markets, as they are often a) distorted in real terms, b) there are different markets, e. g. securities markets are structured differently and have to do with more volatile prices. Markets do not even compensate for differences in wealth. Neither Smith's nor Arrow's and Debreu's results indicate whether markets deliver optimal social outcomes.
I 150
However, Smith has shown that market participants - regardless of their level of education and information - can coordinate. They can reach mutually beneficial goals, even if they do not have a clear understanding of what these goals are and what measures are needed to achieve them.
I 314
Stock markets/Surowiecki: in the real economy there are no such phenomena as on the stock market: the price of a television set does not suddenly double overnight and collapses again a few months later.

1. Vernon L. Smith’ Studie über sein erstes Klassenzimmer-Experiment ist »An Experimental Study of Competitive Behavior«, Journal of Political Economy 70/1962, S.111-137. Viele der seither zu diesem Thema über die Jahre von ihm publizierten Aufsätze sind in zwei Bänden gesammelt: Smith, Papers in Experimental Economics (Cambridge University Press, Cambridge 1991); und Smith, Bargaining and Market Behavior (Cambridge University Press, Cambridge 2000).


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

Surowi I
James Surowiecki
Die Weisheit der Vielen: Warum Gruppen klüger sind als Einzelne und wie wir das kollektive Wissen für unser wirtschaftliches, soziales und politisches Handeln nutzen können München 2005


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