Foundations of the Market Price System PDF Download

Author: Milton M. Shapiro
Publisher: Ludwig von Mises Institute
ISBN: 1610162854
Category : Microeconomics
Languages : en
Pages : 426

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Author: Milton M. Shapiro
Publisher:
ISBN: 9781610160650
Category :
Languages : en
Pages : 396

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Book Description
Murray Rothbard just loved this Austrian text on microeconomic theory. In fact, he thought it was the best text available - except that it has only been sporadically available since it was first published in 1974. It is characterized by a strong pedagogical drive, a logical precision, and an excellent presentation that competes directly with mainstream alternatives except that this one follows Rothbardian logic. The typesetting is from a typewriter, which is unfortunate, but it is nonetheless very clear, as are the graphical expositions. This reprint preserves the original.

Author: Esteban F. Thomsen
Publisher: Routledge
ISBN: 1134915578
Category : Business & Economics
Languages : en
Pages : 159

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Book Description
The growth of information economics has lead to a substantial re-consideration of the role of prices. Instead of the conventional neo-classical view of prices as straightforward indicators of scarcity, information economics emphasises that prices can be sources from which agents infer information and means by which they communicate. Prices and Knowledge analyses different theoretical approaches to the role of prices in situations of imperfect information. It shows that whilst the `informational efficiency' approach of Grossman and Stiglitz and the `bounded rationality theory' of Nelson and Simon are useful, neither goes far enough in considering situations of disequilibrium.

Author: Robert Dorfman
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 170

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Book Description
Explains theoretical concepts of information, decision and control, relating the analytic apparatus of economics to practices of businessmen, accountants, and everyday consumers.

Author: Paul Milgrom
Publisher: Columbia University Press
ISBN: 023154457X
Category : Business & Economics
Languages : en
Pages : 222

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Book Description
Traditional economic theory studies idealized markets in which prices alone can guide efficient allocation, with no need for central organization. Such models build from Adam Smith’s famous concept of an invisible hand, which guides markets and renders regulation or interference largely unnecessary. Yet for many markets, prices alone are not enough to guide feasible and efficient outcomes, and regulation alone is not enough, either. Consider air traffic control at major airports. While prices could encourage airlines to take off and land at less congested times, prices alone do just part of the job; an air traffic control system is still indispensable to avoid disastrous consequences. With just an air traffic controller, however, limited resources can be wasted or poorly used. What’s needed in this and many other real-world cases is an auction system that can effectively reveal prices while still maintaining enough direct control to ensure that complex constraints are satisfied. In Discovering Prices, Paul Milgrom—the world’s most frequently cited academic expert on auction design—describes how auctions can be used to discover prices and guide efficient resource allocations, even when resources are diverse, constraints are critical, and market-clearing prices may not even exist. Economists have long understood that externalities and market power both necessitate market organization. In this book, Milgrom introduces complex constraints as another reason for market design. Both lively and technical, Milgrom roots his new theories in real-world examples (including the ambitious U.S. incentive auction of radio frequencies, whose design he led) and provides economists with crucial new tools for dealing with the world’s growing complex resource-allocation problems.

Author: Israel Mayer Kirzner
Publisher: Ludwig von Mises Institute
ISBN: 1610160290
Category :
Languages : en
Pages : 340

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Book Description
Israel Kirzner's outstanding book on price theory is back in print. It is been very difficult to obtain it for decades, even though it is surely the best textbook on Austrian price theory ever written. The prose is crystal clear and the organization exceptional. He takes the reader through the foundations of individual action, exchange, utility, demand and supply, production, and the market process itself. Had it been in print, it would have schooled generations in Austrian price theory, and it is surely useful in the classroom today, or for general reading. Not a collection of essays, it is an integrated presentation from top to bottom, written early in Kirzner's post-doctoral career.

Author: Frank Machovec
Publisher: Routledge
ISBN: 1134820224
Category : Business & Economics
Languages : en
Pages : 590

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Book Description
Frank Machovec argues that the assumption of perfect information has done untold economic damage. It has provided the rationale for active state intervention and has obscured the extent to which entrepreneurial activity depends upon the exploitation of asymmetric information.

Author: Pascal Bridel
Publisher: Taylor & Francis
ISBN: 104024355X
Category : Business & Economics
Languages : en
Pages : 451

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Book Description
Price theory has always been and still is at the heart of economic theory. Concentrating on the primary literature, this set brings together texts of the many and often conflicting intelectual endeavours to solve this difficult economic issue.

Author: Robert Dorfman
Publisher: Prentice Hall
ISBN: 9780136996118
Category : Business & Economics
Languages : en
Pages : 274

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Book Description
The task of economics; Supply and demand; Behind the supply curves; Behind the cost curves: production choices and costs; Behind the demand curves; Monopoly and oligopoly; Economic efficiency; The operation of the price system; The distribution of income.

Author: Alberto Martinez Piedra
Publisher: Lexington Books
ISBN: 9780739109496
Category : Business & Economics
Languages : en
Pages : 226

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Book Description
Author Alberto M. Piedra lucidly illustrates the notion of 'natural law' through the examination of economic, social, political, and cultural issues. In this work Piedra draws on classical and Christian sources as well as his personal experience as an economist, diplomat, and lecturer on world politics to address philosophical views in a constructive and morally guided exegesis of natural law and economics. This innovative book shows the value of appeals to a governing, natural law and attendant principles such as the common good, subsidiarity, hierarchy, spiritual welfare, the reciprocity of freedom and authority, and the cultivation of personal moral and intellectual virtue. Natural Law will appeal to scholars, professionals, and others interested in the cultivation of personal moral and intellectual virtue.