Co-state variables...

Gar W. Lipow lipowg at sprintmail.com
Wed May 13 13:49:46 PDT 1998


Brad De Long wrote:


> The key weasel words are "competitive economy". ("Externalities" is another
> important weasel word.)

Isn't "externalities" the more important of the weasel words? I've heard it claimed that in most transactions in a market economy, "externalities" are actually the predominant factor; only a small portion of actual costs are captured in market prices.



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