Publisher's Synopsis
Excerpt from How People Interact Toward a General Theory of Externalities: March 1984
If a complete set of perfectly competitive markets exist for all goods, services and assets exist (including future and contingent markets), and there is perfect costless information available to all, then prices -relations among things bring both microeconomic and macroeconomic relations among people into harmony. (arrow, 1975; Tobin, There is thus broad agreement that a full set of ideal markets is sufficient to eliminate inefficiency, involuntary unemployment and the business cycle?
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