Nobel Prize-winning economist Kenneth Arrow of Stanford University once wrote that the argument that the outcomes in

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Nobel Prize-winning economist Kenneth Arrow of Stanford University once wrote that the argument that the outcomes in a market system "may be very different from, and even opposed to, intentions is surely the most important intellectual contribution that economic thought has made." Briefly explain how it is possible for the outcomes in a market system to be different from what firms and consumers intended them to be. Why is this idea such an important intellectual contribution?
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Microeconomics

ISBN: 9780135952955

8th Edition

Authors: Glenn Hubbard, Anthony Patrick O Brien

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