It would clearly not be an improvement to build all houses exactly alike in order to create a perfect market for houses, and the same is true of most other fields where differences between the individual products prevent competition from ever being perfect.
Attribution disputed; shown as originally published.
Standardization can sometimes lower costs enough to benefit consumers.
In abbreviated form, by a kind of symbol, only the most essential information is passed on and passed on only to those concerned. It is more than a metaphor to…
We can either have a free Parliament or a free people. Personal freedom requires that all authority is restrained by long-run principles which the opinion of t…
This is not a dispute about whether planning is to be done or not. It is a dispute as to whether planning is to be done centrally, by one authority for the who…
Economic theory is devoted to the study of equilibrium positions. The concept of equilibrium is very useful. It allows us to focus on the final outcome rather …
It is characteristic that Spassky has never in his life started a game with 1.Nf3. He must have considered it a 'semi-move', real moves being only those that l…
The goal of competitors is to prevail, not to preserve competition in the markets.