Nature of Competition: Arbitragers and the Government 01
If resources were unlimited, we would not need economy. If all are equal we would not need trade. Where there is no need for either, there is no need for economics, either. Fortunately, both economy (M ∙ U ∙ T -1 ) and trade (M ∙ U ∙ T -1 v is-à-vis U ∙ m ∙ T -1 ) are absolute necessaries while we stay in Here (T -1 possibly as long as 125 years before “we are all dead”). Pareto optimum . First, who with the legitimate wherewithal should be served first, from the most desperate to the least desperate? Yes, exactly in that order, whether to the letters of ethics or in the spirit of Adam Smith . Second, who with the wherewithal should be allowed to utilize the human or natural resources, first before all others, from the most efficient to the least efficient? Yes, exactly in that order. ...