Philosophers and practical men: Charles Babbage, Irish merchants and the economics of information

Before the emergence of coordination of production by firms, manufacturers and merchants traded in markets with asymmetric information. Evidence suggests that the practical knowledge thus gained by these agents was well in advance of contemporary political economists and anticipates twentieth-century developments in the economics of information. Charles Babbage, who regarded merchants and manufacturers as the chief sources of reliable economic data, drew on this knowledge as revealed in the evidence of manufacturers and merchants presented to House of Commons select committees to make an important pioneering contribution to the theory of production and exchange with information asymmetries.

Optical Thomson scatter from laser-ablated plumes

We have obtained density and temperature informations on an expanding KrF laser-ablated magnesium plume via optical Thomson scatter with a frequency doubled Nd:YAG laser. The electron temperature was found to decay with the expected Te t-1 dependence. However, we have found the electron density to have a time dependence ne t-4.95 which can be explained by strong recombination processes. We also observed atomic Raman satellites originating from transitions between the different angular momentum levels of the metastable 3P0 term in Mg I.