Opportunity Costs and Hidden Inventions

SEPTEMBER 26, 2013 by DWIGHT R. LEE

By suppressing profits, socialism reduces the opportunity cost of keeping new products out of the hands of the public, whether by design or by default. As long as we allow the pursuit of profits in the marketplace, the cost of hiding new socially valuable inventions will be so high that we don’t have to worry that they will be hidden.  (9:10 minutes)

ABOUT

DWIGHT R. LEE

Dwight R. Lee is the O’Neil Professor of Global Markets and Freedom in the Cox School of Business at Southern Methodist University.