ABSTRACT
Traditional concerns involved largely recognition and measurement problems - for some of us the seeking of ways to have accounting information report events so as to reflect "economic reality". Rather than being a "scientific" discipline, accounting has been defined by Kenneth Peasnell as a "service" discipline. Sven-Erik Johansson's great forte in accounting lies in applying solid theory involving recognition and measurement issues to accounting practice. To return to the problem of imperfect information markets, a "natural monopoly" in accounting information on the supply side is only one of the problems upsetting the "perfect information" assumption of Pareto Optimality analysis. Price discrimination in the consumption of accounting information is inevitable because of the "public good/free rider" problem, our third concern. The problem of "imperfect information" is essentially, as L. Ross suggests, a problem of "asymmetric information". Private markets, with respect to information as well as other types of "commodities", especially given more broad outlook of interests involved.
