The world is efficient today and it will be efficient tomorrow. Yet tomorrow's world will be different from today's. But it is inefficient to change what is efficient. So tomorrow can never happen.
Discuss.
Source:
Wagner, R.E. (1994) "Econonomic Efficiency, Rent Seeking, and Democracy: Zenoistic Variations on Coasian Themes" In: Boettke, P.J. and Rizzo, M.J (Eds) Advances in Austrian Economics (1:129-144)












That's the feeblest alleged paradox I've seen in years. "Wagner" should have warned me.
Posted by: dearieme | January 05, 2006 at 03:02 AM
So you think that time has been effectively incorporated into neoclassical (Chicago school) economics?
Posted by: AJE | January 05, 2006 at 05:23 AM