Catallactic Efficiency: Welfare Economics in an Open Ended World
An economy ... consists of a complex of activities by which a given set of means is allocated in accordance with a unitary plan among competing ends according to their relative importance. The market order serves no such single order of ends. What is commonly called a social or national economy is in this sense not a single economy but a network of many interlacd economies ... [T]he cosmos of the market neither os nor could be governed by a single scale of ends; it serves the multiplicity of separate and incommensurable ends of all its separate members. (1976, p. 108)
KeywordsWelfare Economic Economic Efficiency Institutional Setting Price System Perfect Knowledge
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