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Quotation of the Day…

Posted By Don Boudreaux On June 12, 2012 @ 8:40 am In Competition,Complexity & Emergence,Economics,Hayek | Comments Disabled

… is from page 164 of the late Don Lavoie’s insightful 1985 book Rivalry and Central Planning [1]:

[C]osts depend on expectations of future conditions and on the plans of competitors for alternative uses of the factors in question. ┬áIn 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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[1] Rivalry and Central Planning: http://www.amazon.com/Rivalry-Central-Planning-Reconsidered-Perspectives/dp/0521264499/ref=sr_1_1?s=books&ie=UTF8&qid=1339504820&sr=1-1

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