market process theories

by Peter J. Boettke, David L. Prychitko

Overview

Market process theory is principally concerned with explaining how the market moves towards a state of general economic equilibrium and how production and consumption plans become coordinated. Market Process Theories presents in two volumes the most important articles by leading economists which contribute to an understanding of the processes of economic coordination.

Volume I examines classical and neoclassical theories; it suggests that many classical writers can be interpreted as having anticipated a more dynamic disequilibrium analysis, and evaluates Marxian process theory also in this light. Other topics include analyses of price adjustment models, stability and disequilibria and a discussion of the challenge of increasing returns. Volume II deals with criticisms of standard theories such as institutionalism and post Keynesian criticisms. It also offers an exploration of the Swedish influence in the field with papers on the theory of savings and the concept of monetary equilibrium among others. Austrian economics is the subject of the final section, which explores such topics as the meaning of competition, process analysis and price and quantity adjustment.

Product Details

ISBN-13:	9781858985565
Publisher:	Edward Elgar Publishing
Publication date:	06/28/1998
Series:	The International Library of Critical Writings in Economics series , #91
Pages:	968
Product dimensions:	6.62(w) x 9.62(h) x (d)

About the Author

Edited by Peter J. Boettke, University Professor of Economics and Philosophy, George Mason University and David L. Prychitko, Head, Department of Economics, Northern Michigan University and Faculty Affiliate in the Program on Markets and Institutions, James M. Buchanan Center for Political Economy, George Mason University, US

Table of Contents

Contents: Volume I: Part I: Process in Classical Economics Part II: Marxian Process Theory Part III: Formal Market Process Models in Neoclassical Economics Part IV: The Challenge of Increasing Returns Index • Volume II: Part I: Institutionalist Approaches and Post Keynesian Criticisms Part II: The Swedish Influence on Market Process Theory Part III: The Central Concept of Austrian Economics: Market Process Index

Editorial Reviews

Collects 37 articles originally published between 1928 and 1995. The papers focus on a unique understanding of the economic problem<-->one that is less concerned with focusing on the nature, requirements, and possibilities of a market economy enjoying a state of general economic equilibrium, and more concerned with explaining how the market economy moves toward (or away from) such a state. Sections cover process in classical economics; Marxian process theory; formal market process models in neoclassical economics; the challenge of increasing returns; institutionalist approaches and post-Keynesian criticisms; the Swedish influence on market process theory; and market process<-->the central concept of Austrian economics. No index. Annotation c. by Book News, Inc., Portland, Or.

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