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So those are the three basic lessons of general equilibrium.
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The first one about laissez-faire has a huge
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implication for whether there should be regulation,
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but the second pair of implications,
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what determines the price and how price changes as you
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redistribute wealth and so on, and no just price,
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that set of ideas, you'll see, is also going to be
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very important for finance.
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So those lessons seem clear.
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Some of those lessons were understood already by Aristotle
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as we said.
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So the ancients understood supply and demand,