FREDERICK NYMEYER, 16546 South Park Avenue, South Holland, Illinois, U.S.A. March 5, 1965 Dr. & Mrs. Ludwig von Mises 777 West End Avenue New York 25, New York Dear Dr. and Mrs. von Mises: Mrs. Nymeyer and I were both very disappointed that Mrs. von Mises was so ill that she could not be with us for dinner on Monday night. * * The article by ohm-Bawerk entitled "Nachteilige Wirkungen des freien Wettbewerbes" appears on page 475 of, I think, the first volume of F. X. Weiss GESAMMELTE SCHRIFTEN, but it might be Volume II. Böhm-Bawerk argues that a rich man who already has 12 horses may decide to buy a 13th horse because money has such a low marginal utility for him and not because the horse has a high utility as might be the case for a poor farmer who urgently needs a horse. Böhm-Bawerk does not suggest how this situation might well be remedied. Maybe the absence of a recommendation is implicit evidence that Böhm-Bawerk assumed it was a necessary cost to pay for the substantial benefits of competition. I am surprised that Böhm-Bawerk did not advance the argument " on the other side. 11 He might also have argued that if the rich man who had the 12 horses decided to sell one, then because money had a low marginal utility for the rich man, he would have been willing to sell that horse at a lower price than some poor farmer who also wanted to sell a horse but for whom money had a high marginal utility. Do not trouble yourself about this, but I vaguely "feel" that there is an incompleteness or too abrupt an ending to Bohm- Bawerk's article. With kindest regards, Yours very truly, Frederick Rymayes Frederick Nymeyer FN:wb