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Exchanges and Contracts, Blackstone Commentaries, No. 3 (The Blackstone commentaries)
Exchanges and Contracts Blackstone Commentaries No 3 - The Blackstone commentaries Author:Gordon Tullock In this monograph, Gordon Tullock synthesizes many of his original ideas to develop a systematic theory of exchange in political markets that identifies with such exchange serious weaknesses in the form of externalities, rational ignorance, rent-seeking and other transaction costs. Since these political market failures correspond to in form and... more » are more insidious in nature than the costs typically ascribed to ordinary markets, this monograph succeeds in re-establishing the strong presumption against resorting to politics originally argued by Adam Smith in his 1776 masterpiece The Wealth of Nations. The monograph is essential reading for anyone who is interested in the appropriate role of the state in twenty-first century market economies. The monograph offers a refreshing free market perspective to counter-balance the interventionist predilictions of most modern neo-classical economists.« less