Price Theory

Price Theory

Price Theory

Price Theory

Excerpt

Economic activity in free economies is organized through the price system. It is not uncommon in economic analysis nowadays to depreciate the study of price making and to stress, instead, the forces determining the volume of income, output, and employment. Despite the intrinsic importance of these topics, their study lacks cohesion and relevance unless the forces responsible for the particular price and output magnitudes, which comprise the national income aggregate, are understood. Major questions concerning the kinds of goods produced, their individual quantities, and the productive factors engaged in their production can be answered only by a study of price formation. This book deals with this array of subjects, the older sphere of value theory.

Part I is devoted to a consideration of some of the preliminary materials essential to the study of price theory. Chapter 1 discusses . . .

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