The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price
This paper seeks to identify terminology to aid in distinguishing the approaches to the theory of price determination as presented in classical political economy, neoclassical economics and post-Keynesian economics. Through a review of the respective literature, a dominant usage is identified for th...
| Main Author: | |
|---|---|
| Format: | Journal Article |
| Published: |
2022
|
| Online Access: | http://hdl.handle.net/20.500.11937/95062 |
| _version_ | 1848765963507335168 |
|---|---|
| author | Bloch, Harry |
| author_facet | Bloch, Harry |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | This paper seeks to identify terminology to aid in distinguishing the approaches to the theory of price determination as presented in classical political economy, neoclassical economics and post-Keynesian economics. Through a review of the respective literature, a dominant usage is identified for the theoretical price concept in each theory. Natural price is identified with classical theory, equilibrium price with neoclassical theory and administered price with post-Keynesian theory. Use of the differentiated terminology is advocated for improving clarity in pluralist discourse on the theory of price determination and the role of prices in modern market economies with their inherent complexity. |
| first_indexed | 2025-11-14T11:43:36Z |
| format | Journal Article |
| id | curtin-20.500.11937-95062 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T11:43:36Z |
| publishDate | 2022 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-950622024-06-10T00:15:15Z The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price Bloch, Harry This paper seeks to identify terminology to aid in distinguishing the approaches to the theory of price determination as presented in classical political economy, neoclassical economics and post-Keynesian economics. Through a review of the respective literature, a dominant usage is identified for the theoretical price concept in each theory. Natural price is identified with classical theory, equilibrium price with neoclassical theory and administered price with post-Keynesian theory. Use of the differentiated terminology is advocated for improving clarity in pluralist discourse on the theory of price determination and the role of prices in modern market economies with their inherent complexity. 2022 Journal Article http://hdl.handle.net/20.500.11937/95062 10.1111/meca.12393 http://creativecommons.org/licenses/by-nc-nd/4.0/ fulltext |
| spellingShingle | Bloch, Harry The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title | The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title_full | The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title_fullStr | The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title_full_unstemmed | The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title_short | The language of pluralism from the history of the theory of price determination: Natural price, equilibrium price and administered price |
| title_sort | language of pluralism from the history of the theory of price determination: natural price, equilibrium price and administered price |
| url | http://hdl.handle.net/20.500.11937/95062 |