“Information costs are reduced by the existence of large numbers of buyers and sellers. Under these conditions, prices embody the same information that would require large search costs by individual buyers and sellers in the absence of an organized market. (footnote 4: The original contributions were those of Hayek”

—  Douglass C. North

1937 and 1945)
Douglass North, in "Structure and Change in Economic History" (1981), p. 36

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Douglass C. North 18
American Economist 1920–2015

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