>John Ikerd made a delightful contribution to the conversation
Indeed. John's comments are precisely the sort I had hoped to stimulate
with my original post.
> Don't you also think, John, that markets do some things extremely well,
Markets are currently quite good at discovering price, but they're
pretty lousy at determining *cost*
I suspect the discipline of economics is approaching a major shift in
how costs are understood. As an undergraduate geology student in the
mid-60s I remember well the growing understanding of the need to
incorporate global tectonics across what we were already then doing.
Mineralogy, stratigraphy, paleontology, etc. were not discredited or
invalidated, rather, global tectonics gave them an overarching
framework within which they could more usefully (and more correctly) be
interpreted and applied in the service of our collective understanding
of the system.
Perhaps in an economics of true-cost the issue of subsidies will be
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