Ex Ante and Ex Post: What does Rod Stewart Really Know Now?
Walter E. Block
Loyola University New Orleans - Joseph A. Butt, S.J. College of Business
Brock School of Business, Samford University
Stephen W. Carson
Ludwig von Mises Institute - Economics
Business and Society Review, Vol. 111, No. 4, pp. 427-440, December 2006
Do we really know whether or not we have "maximized" utility, or do we just know that we are "happy" or "sad"? We argue that we can never know objectively whether or not utility has been maximized; however, people acting on a free market are sufficiently close to the decision as to be able to hazard a better guess about their opportunity costs than policy makers.
Number of Pages in PDF File: 14
Date posted: November 8, 2006