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Book synopsis

This Palgrave Pivot revisits the extensive classical economics literature as it relates specifically to value (price) theory, beginning with Adam Smith, whose French and English followers developed substantive extensions, and including the important post-1870s contributions of Marshall and Böhm-Bawerk as prominent neoclassical followers and expounders of the marginalists.  Te classical economists established three principles: Motivation based on gains from trade as represented in WTP demand (WTA supply); free entry by sellers (buyers); and 'higgling and bargaining' as a multilateral collective market process. This book's primary purpose is to offer an alternative theory of competitive market price formation emanating from classical, experientially realistic, descriptions of market 'higgling and bargaining', and consistent with the experimental findings on market performance. The authors characterize the classical program in a basic principle: the market price of a non-durable good converges to an optimal, robust, summary (a generalized median) of the traders' valuations of the good. This concept, which the authors call the center of value, generalizes the traditional notion of competitive equilibrium: it applies to a competitive market, whether small or large, whether it clears or not. This generalizes to multiple markets, assuming notably that the distribution of wealth is given.

Book details

Book category Książki po angielsku Economics, finance, business & management Economics Economic theory & philosophy

• Full title: Economics of Markets
• Subtitle: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery
• Author: Vernon L. Smith, Sabiou M. Inoua
• Language: English
• Binding: Hardback
• Number of pages: 189
• EAN: 9783031084270
• ID: 39203207
• Publisher: Springer International Publishing AG
• Weight: 388 g
• Dimensions: 153 × 216 × 20 mm
• Date of publishing: 28. November 2022

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