You are right about needing to teach externalities very carefully. The increase in price from someone new starting to buy books, tho, IS an externality-- just a pecuniary externality instead of a real externality, and only real externalities reduce efficieecy. It is crucial to teach the difference, a difficult idea. https://rasmusen.org/regulation/ is something you might like.
You are right about needing to teach externalities very carefully. The increase in price from someone new starting to buy books, tho, IS an externality-- just a pecuniary externality instead of a real externality, and only real externalities reduce efficieecy. It is crucial to teach the difference, a difficult idea. https://rasmusen.org/regulation/ is something you might like.