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Low-Cost Explanation of Cost

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Do you want to understand cost really, deeply, and profoundly – to understand cost in ways that even most economists don’t quite understand it?  If so, read James M. Buchanan’s Preface to his little 1969 masterpiece, Cost and Choice [2].  Even better, of course, is to read the entire book [3].  But the Preface itself – standing alone – is a work of genius that brilliantly gets across the main point of this important book.

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