Market Information Revolutionizes Inefficiency Reform for Economic Growth
Market information can be used to make improvements without needing detailed data on people's preferences. By stabilizing quantities or prices in markets, we can make things better for everyone, even if it's not perfect. Price stabilization can lead to efficiency in production, especially when some companies aren't focused on making the most profit. This can be important when transitioning from a planned economy to a more open one. Stabilizing quantities might not always work well in these situations, but stabilizing prices can help. Overall, using market information smartly can help make economies work better for everyone.