Consider the market where there is product differentiation with two firms. The firms are choosing prices p1 and p2 and have demands given by q1 = 40…
September 3, 2020
You are given the following information about the economy of Nocoin: The banks have deposits of $300 billion.
September 3, 2020

Consider this quote by Thomas Sowell:  “Prices are important not because money is considered paramount but because prices are a fast and effective conveyor of information through a vast society in which fragmented knowledge must be coordinated.”

Would Hayek agree with Sowell?  Explain carefully and fully.

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