Edgeworth's great contribution is his theory of
contract and competition.
…every agent is actuated only by self
interest.
and may act …without or with
the consent of others affected by his actions. …the first
species of action may be called war; the second,
contract.
…economic competition …is both,
pax or pact between contractors during contract,
war, when some of the contractors without consent of the
others recontract.
The field of competition …consists of all the
individuals who are willing and able to recontract about the
articles under consideration.
An agent may contract or recontract with any out of an
indefinite number…without
the consent being required of, any third party…
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