From: John Conover <john@email.johncon.com>
Subject: Re: Economics Perfidy: Economics Literacy Test
Date: 1 Nov 1999 21:53:28 -0000
masonc@ix.netcom.com writes:
>
> Just cleaning my files today, I came upon another wonderful
> quotation to add to my collection:
>
> "Debreu mathematically proved that competitive markets with
> prices generate results that maximize the social welfare."
>
Hi Mason. But a lemma to Debreu/Nash-in competitive markets-is that
industrial markets start as a panoply, and evolve into an oligopoly,
with each company making zero profit, too.
It seems that, mathematically, there is no such thing as a perfect
social/economic system.
John
--
John Conover, john@email.johncon.com, http://www.johncon.com/