- Hotelling is the author of Hotelling’s rule in economics, which says that when
there is a competitive market for an asset, the asset price will rise at approxi-
mately the rate of interest. It sounds good, but my bank pays about 4 percent,
and the price at the pump is going up a whole lot faster. A good discussion of this
can be found at http:// www .env -econ .net/ 2005/ 07/ oil _prices _hote .html. - COMAP, For All Practical Purposes (New York: COMAP, 1988; the authors and
publishers are the same). This is the book referred to in note 6; there are several
editions, and this is the original. - K. J. Arrow, “A Difficulty in the Concept of Social Welfare,” Journal of Political
Economy 58(4) (August 1950): pp. 328–46. - See http:// en .wikipedia .org/ wiki/ Punctuated equilibrium.
1 1. S e e h t t p : / / w w w. c s u s. e d u / i n d i v / p / p y n e t f / A r r o w a n d D e m o c r a t i c P r a c t i c e. p d f. - See http:// en .wikipedia .org/ wiki/ Niels _Bohr.
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