Quotation of the Day…

by Don Boudreaux on June 2, 2020

in Curious Task, Reality Is Not Optional, Seen and Unseen

… is from page 226 of the late Harold Demsetz’s 1969 paper “Perfect Competition, Regulation, and the Stock Market” as this paper is reprinted in volume II of the 1989 collection of some of Demsetz’s most important works, Efficiency, Competition, and Policy:

Complete absence of imperfections is consistent with efficiency only if the cost of accomplishing this objective is zero.


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