Egoism
General Consequences
Free Markets are a good institution in the sense that they maximize
materialefficiency (in terms ofmi(xi))
but not necessarily good as a social institution, i.e. in terms of real
utilityui(xi,x−i)
Egoism
Free Markets are a good institution in the sense that they maximize
materialefficiency (in terms ofmi(xi))
but not necessarily good as a social institution, i.e. in terms of real
utilityui(xi,x−i)