Tweet [1]
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.