Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond
Terminology is important. Price theory as the name given to the study of the determination of prices in markets reached ascendancy around the middle of the last century, having been little used at the start of the century and fading from use by the century’s end. Historically considering the theory...
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| Format: | Journal Article |
| Language: | English |
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History of Economics Thought Society
2020
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| Online Access: | http://hdl.handle.net/20.500.11937/81376 |
| _version_ | 1848764359543619584 |
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| author | Bloch, Harry |
| author_facet | Bloch, Harry |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | Terminology is important. Price theory as the name given to the study of the determination of prices in markets reached ascendancy around the middle of the last century, having been little used at the start of the century and fading from use by the century’s end. Historically considering the theory of price determination from Smith to Ricardo, then to Marshall and beyond, not only reveals how changing terminology is related to the changing nature of the theory, but also identifies changes in the purposes the theory is attempting to achieve. Successive formulations embed different conceptions of what is being explained, which are reflected in the name given to the subject matter. The process is far from a straightforward exercise in improving the theory, with losses in what can be explained detracting from the purported gains in universality or precision. |
| first_indexed | 2025-11-14T11:18:06Z |
| format | Journal Article |
| id | curtin-20.500.11937-81376 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T11:18:06Z |
| publishDate | 2020 |
| publisher | History of Economics Thought Society |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-813762021-12-03T02:53:01Z Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond Bloch, Harry Price Theory Adam Smith David Ricardo Alfred Marshall Terminology is important. Price theory as the name given to the study of the determination of prices in markets reached ascendancy around the middle of the last century, having been little used at the start of the century and fading from use by the century’s end. Historically considering the theory of price determination from Smith to Ricardo, then to Marshall and beyond, not only reveals how changing terminology is related to the changing nature of the theory, but also identifies changes in the purposes the theory is attempting to achieve. Successive formulations embed different conceptions of what is being explained, which are reflected in the name given to the subject matter. The process is far from a straightforward exercise in improving the theory, with losses in what can be explained detracting from the purported gains in universality or precision. 2020 Journal Article http://hdl.handle.net/20.500.11937/81376 10.1080/10370196.2020.1745439 English History of Economics Thought Society fulltext |
| spellingShingle | Price Theory Adam Smith David Ricardo Alfred Marshall Bloch, Harry Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title | Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title_full | Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title_fullStr | Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title_full_unstemmed | Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title_short | Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond |
| title_sort | price theory, historically considered: smith, ricardo, marshall and beyond |
| topic | Price Theory Adam Smith David Ricardo Alfred Marshall |
| url | http://hdl.handle.net/20.500.11937/81376 |