Bonus Quotation of the Day…

Tweet… is from page 212 of one of the most profound and insightful, yet sadly under-appreciated, articles in all of welfare economics: Carl J. Dahlman’s April 1979 Journal of Law & Economics article, “The Problem of Externality,” as it is reprinted in The Theory of Market Failure, Tyler Cowen, ed. (1988) (original emphasis): [T]he concept of […]

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