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"Therefore, attempts to speculate on social prices, and make some money, is not commerce.
The divergence between the private and social prices is a measure of the magnitude of market failure.
It is the process that generates the most number of consults in the sanitary system not surprising that generate enormous economic and social prices.
We quantify these price distortions by comparing private prices (top row) to prices in perfect markets (social prices row), correcting prices using various econometric techniques.
Table 5 Policy Analysis Matrix (PAM) Revenues Costs Profits Tradable inputs Domestic factors Private prices A B C D 'Social' (or 'economic') pricesi E F G H Divergence I J K L iThe PAM can also account for environmental externalities and for ecological, regulating and social/cultural services by building estimates of the cost of these into social prices, but we did not do this.
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Previous work by Gardner, Unnikrishnan, and Waller (2008) show that marginal social cost prices obtained using the expected value of demand can significantly deteriorate system performance especially when the actual system state deviates from the planned forecasted conditions.
But what about the social price of this?
Poor German leadership in this crisis has exacted an increasing economic and social price from Greece, Ireland, Portugal, Spain, Italy, Belgium and France.
They increasingly recognize, and sometimes regret, the social price of economic transformation, but feel that the benefits outweigh the costs.
It reveals the high economic and social price of almost doubling our prison population in 20 years.
Current sales levels suggest that children who haven't read the latest Potter novel may pay a similar social price.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com