“The conclusion is evident that no sort of civilized society can be built on the basis of direct exchange and that direct exchange, as well as Crusoe-like isolation, could yield only an economy of the most primitive type.” – Murray Rothbard
5-1b1a7 Technology’s ‘function’ consists of many parts, and you have to have an explanation for how each contributes to the whole (i.e., ‘vertically-integrated’)
5-1b1a8 ‘Opportunity cost’ and ‘comparative advantage’ must be rooted in explanations. Never use them as ad hoc criteria.