Co-state variables...

[Brad De Long]

>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

I don't know. They made Hal Varian Dean of a Library Science School for
asking questions like this...