The Moral Conditions of Economic Efficiency

Author: Walter J. Schultz, Gerald Postema
List Price: $55.00
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ISBN: 0521801788
Publisher: Cambridge University Press (18 June, 2001)
Sales Rank: 864,624
Average Customer Rating: 5 out of 5

Customer Reviews

Rating: 5 out of 5
Schultz revises the Fundamental Theorem
This is a brilliant demonstration that a free market can be efficient only with effective, internalized constraints on behavior ("moral" conditions); that a free market without such constraints is inefficient.

Read Chapter 6 first; then read the preceding five-chapter proof if you need to understand the theoretical underpinnings.

If ecomonists understood this proof, it would revolutionize management, government policy, regulatory practise, and judicial review.

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