The Uncharged Loss: Arthur Pigou’s 1920 Divergence Between Private and Social Product, Paul Samuelson’s 1954 Public Good, the Sulphur That Cost a Fraction of the Forecast, the Lighthouses That Charged at the Port, and Why the Long-Term Equity Investor Must Price What the Company Does Not Pay For

Cover: Pigou's wedge between marginal private cost and marginal social cost, with the uncharged loss shaded, beside the essay title

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