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Gabriel M.

>> "must be defined in terms of"

And what if I don't?
Mankiw also had a recent post on "must" :-)

I fail to understand why you guys want to turn a blind eye to the factual consequences of substantial markups over marginal costs and their welfare implications.

aje

Because even a blind eye can have more insight than one with faulty spectacles...!

I'm assuming you're familiar with Robbins, Coase and Buchanan on this?

Gabriel M.

Maybe I am, I'm not sure. Contestability, yes.

All I'm saying is that the lessons of the basic Edgeworth Box exercise are deep and very important and they carry far and wide.

Beyond that, I know I'm making large-ish pure profits and I'm willing to bet that so are you.

ad

The left sees government as the main institution that can counterbalance the effects of the all-too-powerful marketplace.

Perhaps it would be simpler to say that the left tends to trust government intervention to put things right.

Max

The left sees government as the surrogate for the supportive extended family they don't have.

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