Price Practices and Price Policies: Selected Writings

Price Practices and Price Policies: Selected Writings

Price Practices and Price Policies: Selected Writings

Price Practices and Price Policies: Selected Writings

Excerpt

This volume is concerned with current practices and policies in pricing-not with abstract theory. Its primary aim is to make available the materials which would be most helpful to the businessman in pricing his products and to the student in understanding the practical problems of price making. To provide a thorough and wide-ranging discussion of the dynamic, complex process of price determination, the viewpoints of many prominent authorities are presented. One underlying theme, nevertheless, emerges: the importance of the economic characteristics of an industry, product, or service in actual price making.

The book combines my writings and contributions from well- known business leaders and economists. For a number of years I have been making studies covering various phases of the price field and I have drawn liberally on my published writings in compiling this volume. Introductions have been prepared for each chapter, and where the material desired for complete coverage was unavailable supplementary text has been specially written. The selections have been made on the basis of their importance and lucidity of statement; they have been drawn from books, journal articles, government publications, speeches, testimony, and other frequently inaccessible sources. With the student reader as well as the businessman in mind, my experience in teaching a course in price practices and policies at New York University over the past dozen years has guided, in part, the selections I have included. Inevitably, too, space limitations have posed problems; hence, in many instances it was possible to reprint only a small portion of a selection-that part most pertinent to the topic under consideration.

After a brief survey of the nature of prices and their behavior, the book investigates the policies and practices that are generally applicable and the techniques representative of various areas of the economy. Here the reader can find together, for the first time, extended discussions of pricing in industry and manufacturing, agriculture, retailing, public utilities, insurance, and the professions. The chapter on setting fees for professional services deals with pricing practices in medicine, dentistry, accounting, law, and labor arbitration. Considerable attention is given, of course, to the relations between government and business. The federal supervision . . .

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