General equilibrium never seen

The economy works, every single economic action is undertaken, precisely because and as long as the law of one price is not being accomplished.

The economy lives because there is no equilibrium.

Equilibrium and the law of one price are ultimate states. The economy always tends to them but never reach them beacause those states are themselves constantly changing due to disequilibrating forces (changes in preferences, technologies, and resource availability; and in general by our changing attitude towards resources).

Nevertheless, the market is that spontaneous order through which information flows towards entrepreneurs which then interpret them and act in order to make use of disequilibrium opportunities. By doing this entrepreneurs, this is all of us in our aim to improve our condition by buying cheap and selling dear, embody the very invisible equilibrating hand of the market, this is the economic or social manifestation of God, as it were.

Freedom

Freedom is always and necessarily, freedom to buy, which is akin to freedom to sell.

A creepy but regrettably true law on the fate of any industry in regards to its relation with government

A new industry either will be successful or not. If successful, either will be a competition for government or not. If competition for government, it will eventually be either taxed proportionately to its level of competitiveness against the government or plainly banned.

Apodicticity of theories

A theory, if correctly constructed from a logical viewpoint, can be useful or useless, but never empirically wrong. The test on a theory is exclusively on its logical correctness on the one hand, and on a useful identification of parts of the reality with concepts of the theory.

Transaction cost

1. By implication of the definition of input, any good requires more than one inputs to be produced.

2. Let's group inputs to produce a good g into two groups: on the one hand input i, and on the other hand all the rest of inputs, which we will call (composite) input j. Let's don't call it input i anymore. Since now on, let's call it good i.

3. Transaction cost from good i to good g, or good g's transaction cost from good i, or beginning with good i, is the value of input j.

4. The fact that the term "transaction cost" is mostly used when the value of good i is much dearer than the value of good j doesn't introduce anything analytically relevant to the analysis.

Market is the most efficient mechanism

The interaction of the information of agents with, in principle, different plans is the very definition of what a market is. It is true that a market could incorporate not all conceivable information, but markets do incorporate all possible information. If information is not already in the market, nobody (in particular, not the government authorities) can incorporate further information.

A market reaches all possible efficiency. There is no further informational, operating, or allocative efficiency beyond the market. In that sense, if you accuse the market of being inefficient, automatically you neglect the possibility of any further possibility whatsoever of improving that inefficiency.

If you do find a possibility of improving efficiency, you automatically become part of the market, not something beyond it.

There is, for instance, no way of reflecting new information faster than through the market. To put another way, the quickest way in which new information can be reflected is precisely what a market is.

No choice

By having to pick some currency in which to charge taxes, and by having to pick to pick some language in which to record information, the government cannot not choose a currency and a language for the territory whereas it rules.