THE LIMITED BENEFITS OF SCALE 1) the per capita advantage of cost of defense. Of

THE LIMITED BENEFITS OF SCALE

1) the per capita advantage of cost of defense. Offset by the opportunity for high risk military expansion and its consequences.

2) the per capita advantage of credit expansion. Offset by the opportunity for high risk credit expansion and its consequences.

3) the per capita advantage of trade negotiation. Offset by the opportunity for high risk price reduction and its consequences.

As in all things, the equilibrium is better than the extreme.

And it is very hard to measure such things.