Co-state variables...

Doug Henwood dhenwood at panix.com
Wed May 13 12:25:12 PDT 1998


Brad De Long wrote:


>It is at the very least an open question how much is left of the
>Arrow-Debreu apparatus once the scope of these weasel words is recognized.
>Does the Arrow-Debreu apparatus cover 50% of what's going on? 30%? 10%? And
>what happens as the information technology revolution proceeds--and as
>things of value ("commodities") lose the properties of rivalry and
>excludibility that underlie all the claims that markets are good allocation
>mechanisms?
>
>I don't know...

Wow. Won't they revoke your Harvard PhD for asking questions like this?

Doug



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