In "Freakonomics Discovers Alchian's and Allen's 'Oranges Principle,'" I laid out what we UCLA Ph.D. students learned from Alchian and Allen's famous economics textbook, University Economics. By the way, Jerry Jordan announced at the recent Association for Private Enterprise Education (APEE) meetings in Las Vegas earlier this week that the book will be reissued by Liberty Fund. It's amazingly low priced. The gist of the principle is this: Imagine high-quality oranges sell for a pound and low-quality oranges sell for a pound, all in Florida. The transportation cost to Minnesota is %excerpt%.50 per pound. The relative price of high-quality to low-quality oranges in Florida: 2/1. High-quality oranges are
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