By John Meadowcroft (auth.)

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Here, Grossman and Stiglitz interpret Hayek’s argument as claiming that prices communicate information that individuals have themselves collected at some personal cost. The price of a new children’s toy, for example, may reflect market research undertaken at a producer’s expense has. In a situation where prices communicate all available information, however, there is an incentive for individuals to stop gathering costly information and simply obtain information costlessly by observing the price signals generated by the market.

Economic coordination demands that people are entrepreneurially alert, which can only be the case if individuals pursue ends that they themselves believe to be important, irrespective of whether those ends are altruistic or selfish. As Kirzner (1992, pp. 204–8) described: Persons with no interests or goals will not tend to discover changes in external conditions that favour or threaten the realization of interests or goals. Alertness without some degree of purposefulness is simply and totally implausible.

On the contrary, the value of every good and service can only be determined by consumer demand (and produces willingness to meet that demand) which will be driven by each individual’s subjectively defined needs and preferences. While the price mechanism is not perfect, it is the most effective means of communicating information about people’s needs yet discovered, so if we wish to help other people of whom we have no direct personal knowledge then the most efficacious way to do so is by responding to the price signals generated by the market.

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The Ethics of the Market by John Meadowcroft (auth.)
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