The Misesian
Author:
Jörg Guido Hülsmann
Online Publish Date:
it is provided as a deliberate gift. This is called the postulate of complete markets or, more pompously, the first fundamental theorem of welfare economics. But really just another example of a purely fictitious assumption gone wild. On a free market, positive externalities abound. Each single externality might be marginal but, How is bad economics in this field a problem for ordinary people? That is, has a failure to understand the economics of gratuitous goods led to justifications for