Quarterly Journal of Austrian Economics
Author:
Gael J. Campan
Online Publish Date:
Molinari confronted his fellows at the Journal Des Economistes —a bastion of free-market thought—with this Aristotelian truth using a disturbing alternative. Either of transaction costs, externalities are often considered a source of market failure” (Cowen 1988, pp. 2–3). Their reduction then becomes an economic imperative.