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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. Baumol

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More quotes by William J. Baumol

There seems to be a general consensus among informed observers that genuine cases of predation are very rare birds.

In order for a writer to produce something which is original and correct, it is not absolutely necessary that his predecessors have been wrong.

The notion that our productivity problems reside in "the spirit of entrepreneurship" that waxes and wanes for unexplained reasons is a counsel of despair, for it gives no guidance on how to reawaken that spirit once it has lagged

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Quote text and notes from Wikiquote: William J. Baumol (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.