Comment 72496

By Ryan (registered) - website | Posted December 22, 2011 at 12:35:05 in reply to Comment 72494

a simple capitalist economy where everything is owned by individuals.

You can be sure that some concept of a hierarchical joint-stock company would quickly emerge, however. Given the burden of Coasean transaction costs on an association of individuals, a hierarchy always enjoys a big relative efficiency advantage, even taking into account the absolute inefficiencies and opportunity costs of top-down planning.

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