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Coase and Reality

In his introduction to a collection of his own work, Ronald Coase tells us: ‘Becker points out that: “what most distinguishes economics as a discipline from other disciplines in the social sciences is not its subject matter but its approach”’. He then goes on: ‘One result of this divorce of the theory from its subject […]

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Unification

There are many billions of people in the world. There are tens, if not hundreds, of business firms. There are hundreds, if not thousands, of government and quasi government agencies. And there are a multitude of other organizations scattered about the global economy. All these are actors on the economic stage. They generate an incalculable […]

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Efficient Allocations?

Willford King has written: “It is easy to find a man in almost any line of employment who is twice as efficient as another employee, but it is very rare to find one who is ten times as efficient. It is common, however, to see one man possessing not ten times but a thousand times the wealth […]

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