Quotation of the Day…

by Don Boudreaux on June 12, 2012

in Competition, Complexity & Emergence, Economics, Hayek

… is from page 164 of the late Don Lavoie’s insightful 1985 book Rivalry and Central Planning:

[C]osts depend on expectations of future conditions and on the plans of competitors for alternative uses of the factors in question.  In other words, it is only the context of a rivalrous struggle among different owners to employ factors in a variety of ways that gives any concrete meaning to “costs.”

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