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Wednesday, July 07, 2010

Pure Competition and the Soup Pot of the Enemy

I have a new post at CBS MoneyWatch: Is it true that the pursuit of individual self-interest always leads to a socially optimum outcome? Not if you're a crab (but it does work for snails):

Pure Competition and the Soup Pot of the Enemy

There's actually a good lesson here about when competition maximizes societal gains, and when it doesn't.

    Posted by on Wednesday, July 7, 2010 at 10:17 AM in Economics, Market Failure | Permalink  Comments (20)


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