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The universal-instability theorem

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Authors and Affiliations

  1. University of Texas at Austin, Austin, USA

    Thomas Schwartz

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  1. Thomas Schwartz
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Research sponsored by a Sid Richardson Foundation grant to the Institute for Constructive Capitalism, University of Texas.

I thank Peter Bernholz and Joe Oppenheimer for many helpful discussions over the years and for comments on much earlier drafts. Their brilliant pioneer papers, cited below, occasioned my thoughts in this subject. I owe some of the interpretive ideas in section 5 to Bernholz.

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Schwartz, T. The universal-instability theorem. Public Choice 37, 487–501 (1981). https://doi.org/10.1007/BF00133747

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