Market Theory And The Price System
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Market Theory And The Price System
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Author : Israel Mayer Kirzner
language : en
Publisher: Ludwig von Mises Institute
Release Date : 2007
Market Theory And The Price System written by Israel Mayer Kirzner and has been published by Ludwig von Mises Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Business & Economics categories.
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.
Discovering Prices
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Author : Paul Milgrom
language : en
Publisher: Columbia University Press
Release Date : 2017-05-23
Discovering Prices written by Paul Milgrom and has been published by Columbia University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-23 with Business & Economics categories.
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.
The Oxford Handbook Of Austrian Economics
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Author : Peter J. Boettke
language : en
Publisher:
Release Date : 2015
The Oxford Handbook Of Austrian Economics written by Peter J. Boettke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with Business & Economics categories.
The Austrian School of Economics is an intellectual tradition in economics and political economy dating back to Carl Menger in the late-19th century. Menger stressed the subjective nature of value in the individual decision calculus. Individual choices are indeed made on the margin, but the evaluations of rank ordering of ends sought in the act of choice are subjective to individual chooser. For Menger, the economic calculus was about scarce means being deployed to pursue an individual's highest valued ends. The act of choice is guided by subjective assessments of the individual, and is open ended as the individual is constantly discovering what ends to pursue, and learning the most effective way to use the means available to satisfy those ends. This school of economic thinking spread outside of Austria to the rest of Europe and the United States in the early-20th century and continued to develop and gain followers, establishing itself as a major stream of heterodox economics. The Oxford Handbook of Austrian Economics provides an overview of this school and its theories. The various contributions discussed in this book all reflect a tension between the Austrian School's orthodox argumentative structure (rational choice and invisible hand) and its addressing of a heterodox problem situations (uncertainty, differential knowledge, ceaseless change). The Austrian economists from the founders to today seek to derive the invisible hand theorem from the rational choice postulate via institutional analysis in a persistent and consistent manner. Scholars and students working in the field of History of Economic Thought, those following heterodox approaches, and those both familiar with the Austrian School or looking to learn more will find much to learn in this comprehensive volume.
The Applied Theory Of Price
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Author : Deirdre N. McCloskey
language : en
Publisher:
Release Date : 1985
The Applied Theory Of Price written by Deirdre N. McCloskey and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Business & Economics categories.
Price Theory
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Author : Milton Friedman
language : en
Publisher: Walter de Gruyter GmbH & Co KG
Release Date : 2021-03-22
Price Theory written by Milton Friedman and has been published by Walter de Gruyter GmbH & Co KG this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-03-22 with Business & Economics categories.
No detailed description available for "Price Theory".
Foundations Of The Market Price System
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Author : Milton M. Shapiro
language : en
Publisher: Ludwig von Mises Institute
Release Date : 1985
Foundations Of The Market Price System written by Milton M. Shapiro and has been published by Ludwig von Mises Institute this book supported file pdf, txt, epub, kindle and other format this book has been release on 1985 with Microeconomics categories.
Market Theory And The Price System
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Author : Israel M. Kirzner
language : en
Publisher:
Release Date : 2011
Market Theory And The Price System written by Israel M. Kirzner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Electronic books categories.
An Introduction To The Economic Theory Of Market Behavior
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Author : Donald W. Katzner
language : en
Publisher:
Release Date : 2006
An Introduction To The Economic Theory Of Market Behavior written by Donald W. Katzner and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Capitalism categories.
The Efficient Market Theory And Evidence
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Author : Andrew Ang
language : en
Publisher: Now Publishers Inc
Release Date : 2011
The Efficient Market Theory And Evidence written by Andrew Ang and has been published by Now Publishers Inc this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Business & Economics categories.
The Efficient Market Hypothesis (EMH) asserts that, at all times, the price of a security reflects all available information about its fundamental value. The implication of the EMH for investors is that, to the extent that speculative trading is costly, speculation must be a loser's game. Hence, under the EMH, a passive strategy is bound eventually to beat a strategy that uses active management, where active management is characterized as trading that seeks to exploit mispriced assets relative to a risk-adjusted benchmark. The EMH has been refined over the past several decades to reflect the realism of the marketplace, including costly information, transactions costs, financing, agency costs, and other real-world frictions. The most recent expressions of the EMH thus allow a role for arbitrageurs in the market who may profit from their comparative advantages. These advantages may include specialized knowledge, lower trading costs, low management fees or agency costs, and a financing structure that allows the arbitrageur to undertake trades with long verification periods. The actions of these arbitrageurs cause liquid securities markets to be generally fairly efficient with respect to information, despite some notable anomalies.
F A Hayek
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Author : Peter J. Boettke
language : en
Publisher: Springer
Release Date : 2018-09-05
F A Hayek written by Peter J. Boettke and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-09-05 with Business & Economics categories.
This book explores the life and work of Austrian-British economist, political economist, and social philosopher, Friedrich Hayek. Set within a context of the recent financial crisis, alongside the renewed interest in Hayek and the Hayek-Keynes debate, the book introduces the main themes of Hayek’s thought. These include the division of knowledge, the importance of rules, the problems with planning and economic management, and the role of constitutional constraints in enabling the emergence of unplanned order in the market by limiting the perverse incentives and distortions in information often associated with political discretion. Key to understanding Hayek's development as a thinker is his emphasis on the knowledge problem that economic decision makers face and how alternative institutional arrangements either hinder or assist them in overcoming that epistemic dilemma. Hayek saw order emerging from individual action and responsibility under the appropriate institutional order that itself emerges from actors discovering new and better ways to coordinate their behavior. This book will be of interest to all those keen to gain a deeper understanding of this great 20th century thinker in economics.