(massive snippage of Steve's thoughtful post re: Solow, etc.)
>[JF]:
>> It is
>> the cost externalisation throughout time [the lower bound] which is the
>> limitless component that I am referring to. Limitless growth is about
>
>[SV]:
>I am not sure how a cost is externalized. Costs such as labor costs
>cannot be externalized. Most businesses are going to have a hard time
>getting somebody else to pay their workers.
Ahah! academia has been doing it this way for years . . . it's called,
"soft money." :-)
. . . oops, sticking my philosopher's nose where it doesn't belong again.
cheers,
jt
>
>What I can see happening ths that as technology progresses there arise new
>costs for which there are no clear cut property rights defined. Consider
>the following example. Prior to the existence of steel mills the dumping
>of the waste from steel mills into rivers would not be a problem, because
>there were no steel mills, so how could property rights have developed to
>cover this problem? The really couldn't, unless there was a similar
>practice, but from another source than steel mills. Then when steel mills
>come into existence the firm is going to look for the cheapest method of
>disposing of the waste, the river. Now you have an externality where
>previously one did not exist.
>
>
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