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market process theories

Edited by Peter J. Boettke, University Professor of Economics and Philosophy, Department of Economics, 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
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.
Two volume set
Extent: 968 pp
Hardback Price: £288.00 Web: £259.20
Publication Date: 1998
ISBN: 978 1 85898 556 5
Availability: In Stock
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  • Economics and Finance
  • Austrian Economics
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.
37 articles, dating from 1928 to 1995
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