Download e-book for iPad: Austrian Economics Vol. III (Schools of Thought in by Stephen C. Littlechild

By Stephen C. Littlechild

ISBN-10: 1852781203

ISBN-13: 9781852781200

ISBN-10: 1852783524

ISBN-13: 9781852783525

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Extra resources for Austrian Economics Vol. III (Schools of Thought in Economics)

Sample text

But the market is always disquieted by a striving after a definite final state of rest. The market price is a real phenomenon; it is the exchange ratio which was actual in business transacted. The final price is a hypothetical price. The market prices are historical facts and we are therefore in a position to note them with numerical exactitude in dol1ars and cents. The final price can only be defined by defining the conditions required for its emergence. No definite numerical value in Austrian Economics III The Scope and Method of Catallactics monetary terms or in quantities of other goods can be attributed to it.

1 33 Austrian Economics III 34 ECONOMICA 29 [FEBRUARY by the work of Professor F. H. Knight may yet prove to have a profound influence far beyond its special field. Not much later the assumptions to be made concerning foresight proved to be of fundamental importance for the solution of the puzzles of the theory of imperfect competition, the questions of duopoly and oligopoly. And since then it has become more and more obvious that in the treatment of the more " dynamic" questions of money and industrial fluctuations the assumptions to be made about foresight and" anticipations" play an equally central role, and that in particular the concepts which were taken over into these fields from pure equilibrium analysis, like those of an equilibrium rate of interest, could be properly defined only in terms of assumptions concerning foresight.

Of the recent tendencies to make economic theory more and more formal is not that they have gon~ too far, but that they have not yet been carried far enough to complete the isolation of this branch of logic and to restore to its rightful place the investigation of causal processes, using formal economic theory as a tool in the same way as mathematics. II But before I can prove my contention that the tautological propositions of pure equilibrium analysis as such are not directly applicable to the explanation of social relations, I must first show that the concept of equilibrium has a clear meaning if applied to the actions of a single individual, and what this meaning is.

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Austrian Economics Vol. III (Schools of Thought in Economics) by Stephen C. Littlechild


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