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concepts and apply them not only for the production and usage of consumer goods and durables but also for money and other … seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money …
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We propose a formal re-definition of the concept market failure based on the idea of the imperfect state. In the Neo-classical taxonomy, a decentralized regime of exchange is a market failure if its laissez faire equilibrium solution is welfare-dominated by a technically feasible alternative. If...
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