Market Theory and the Price System. Israel M. Kirzner

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      The cuneiform inscription that serves as our logo and as a design element in Liberty Fund books is the earliest-known written appearance of the word “freedom” (amagi), or “liberty.” It is taken from a clay document written about 2300 B.C. in the Sumerian city-state of Lagash.

      Introduction and index © 2011 by Liberty Fund, Inc.

      Market Theory and the Price System was first published by D. Van Nostrand in 1963.

      This eBook edition published in 2013.

      eBook ISBNs:

       978-1-61487-625-0

       978-1-61487-252-8

       www.libertyfund.org

      B’EZRAS HASHEM

       To Ludwig von Mises

      CONTENTS

Introduction to the Liberty Fund Edition by Peter J. Boettke and Frédéric Sautet

Preface

1. THE NATURE AND TASKS OF MARKET THEORY

The Individual and the Market / The Market System / The Foundations of Market Theory / The Individual and Economic Behavior / Economic Theory and Economic Reality / Market Theory, Economic Theory, and Economics / Summary

2. THE MARKET: ITS STRUCTURE AND OPERATION

The Conditions Under Which the Market Operates / Market Roles / The Structure of the Market System: Vertical Relationships / The Structure of the Market System: Horizontal Relationships / The Analysis of Human Action in the Market: The Concept of Equilibrium / Complete and Incomplete Equilibrium / The Pattern of Market Adjustment / The Changing Market / The Market System as a Whole / Summary

3. EFFICIENCY, COORDINATION, AND THE MARKET ECONOMY

The Economic Problem / Society and the Economic Problem / The Problem of Coordination / How the Market Solves the Problems of Coordination / The Coordinating Function of Profits in a Market Economy / Summary

4. UTILITY THEORY

The Scale of Values / Marginal Utility / Diminishing Marginal Utility / The Marginal Utilities of Related Goods / Marginal Utility—Some Further Remarks / Marginal Utility and the Conditions for Exchange / Summary

       5. CONSUMER INCOME ALLOCATION

       Marginal Utility and the Allocation of Income / The Position of Consumer’s Equilibrium / A Geometrical Illustration / The Effects of Changes / The Individual Demand Curve / Some Remarks on Expectations / Summary

       6. MARKET DEMAND

       Market Demand / The Market Demand Curve / Demand Elasticity / Measures of Elasticity / Market Demand as Seen by the Individual Entrepreneur / Demand and Revenue / Demand and the Prices of Other Goods / Demand as a Market Force / Summary

       7. MARKET PROCESS IN A PURE EXCHANGE ECONOMY

       The Nature of Competition / A Simple Case of Price Competition / Simple Price Competition Without Perfect Knowledge / The Market for Several Non-Producible Goods: The Problem / The Equilibrium Situation for the Multi-Commodity Market / The Multi-Commodity Market Without Perfect Knowledge / Monopoly in a Pure Exchange Market / The Agitation of the Market / Summary / Appendix

       8. PRODUCTION THEORY

       The Economic Aspect of Production / Production by the Isolated Individual / Production in Society / Production in the Market Economy / Factors of Production / Production Functions and Isoquants / The Shape of the Isoquant and the Substitutability of Factors / Changes in Factor Proportions, and Changes in the Scale of Factor Employment / Returns to Scale / The Laws of Variable Proportions: The Problem / The Laws of Variable Proportions / Economic Implications of the Laws of Variable Proportions / The Least-Cost Combination / Graphic Illustration of the Least-Cost Combination / Summary

       9. COSTS AND SUPPLY

       Costs and Rents / Opportunity Costs and Supply Theory / Prospective and Retrospective Costs / Capital Goods and Cost Theory / Factor Divisibility and Short-Run Per-Unit Costs / Short-Run Costs and Their Effect on Supply / Long-Run Costs and Supply / Factor Prices and Supply / Summary

       10. PARTIAL MARKET PROCESSES—THE DETERMINATION OF PRODUCT PRICES AND FACTOR PRICES

       The Market for a Single Product

       Long-Run Equilibrium / Short-Run Equilibrium in the Single-Product Market / Equilibrium СКАЧАТЬ