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Price setters vs. price takers Endogeneous variable vs. exogeneous variable


The dictionary definitions of capitalism (currently the most upvoted answer) have been critiqued as inadequate, in the sense that they are too broad, by Geoffrey Hodgson in his treatise, Conceptualising Capitalism (University of Chicago Press, 2015). Definitions proliferate. Most dictionaries stress private ownership and markets; many add the profit ...

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