Indirect Interdependencies as a Fundamental

Michael S Common

Scottish Journal of Political Economy, 1991, vol. 38, issue 2, 132-41

Abstract: Interdependencies between agents are recognized as a potential source of market failure. One factor recognized as making potential into actual market failure is publicness or undepletability. This paper argues that indirectness in interdependency encompasses undepletability and is a more useful classificatory principle. An interdependency is indirect when it involves jointness and/or environmental mediation. Indirectness is likely to be pervasive. Copyright 1991 by Scottish Economic Society.

Date: 1991
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