1986 Articles
The Architecture of Economic Systems: Hierarchies and Polyarchies
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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Also Published In
- Title
- American Economic Review
More About This Work
- Academic Units
- Economics
- Published Here
- April 29, 2013