The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities.
William J. BaumolRelated topics
compensation convexity market necessary nor pay solution standard sustain tantamount tax under conditions optimality rules paretoRelated quotes
General principles are not the less true or important because, from their nature they elude immediate observation; they are like the air, which is not the less necessary because we neither see nor feel it, or like that secret influence which binds the world together and holds the planets in their orbits.
William Hazlitt
They offer me neither food nor drink - intellectual nor spiritual consolation... [Conservatism] leads nowhere; it satisfies no ideal; it conforms to no intellectual standard, it is not safe, or calculated to preserve from the spoilers that degree of civilisation which we have already attained.
John Maynard Keynes
