End of a Sokratic Dialogue at Cafe Strada

Glaukon: So you agree with me that, in the absence of externalities and of increasing returns, a competitive market in equilibrium with an absence of externalities produces the best outcome unless you have a taste for equality?

Thrasymakhos: No. I believe that, in the absence of externalities and increasing returns, a competitive market in equilibrium produces a bad outcome unless you have a complete indifference to fairness.

Adeimantos: But then we are in complete agreement!

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