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QUESTION 3 One of the longest running controversies in the economics of technology is that between Paul David on the one hand and Liebowitz and

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QUESTION 3 One of the longest running controversies in the economics of technology is that between Paul David on the one hand and Liebowitz and Margolis on the other, and concerns the question of the degree to which one can be locked into an inferior technological choice. Give a summary of the two arguments and a conclusion as to which you believe to be correct. {35 marks, 700 words]

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