Maximizing, action, and market adjustment: an inquiry into the theory of economic disequilibrium
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
München ; Hamden ; Wien
Philosophia
1990
|
| Series: | The international Carl Menger library
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 185 S. |
| ISBN: | 388405029X |
Staff View
MARC
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Record in the Search Index
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| adam_text | Table of Contents
Preface 11
Acknowledgements 13
Chapter 1. An Historical Perspective on Disequilibrium Theory
I. Introduction IS
II. Stability Analysis 17
A. Purpose of Stability Analysis 17
B. Features of Stability Analysis 22
1. The Role of Equilibrium 22
2. Competition, the Auctioneer and a Single
Disequilibrium Price 22
3. The Causes of Change 23
C. Shortcomings of Stability Analysis 23
1. Perfect Competition, Price Change, and Self interest 23
2. The Single Disequilibrium Price and Price Paths 25
3. Excess Demand Curves 26
D. The Fisher Trading Process 26
III. Search Theory 28
A. Purpose of Search Theory 28
B. Features of Search Theory 29
1. The Role of Equilibrium 30
2. Causes of Change 31
3. Competition 32
C. Shortcomings of Search Theory 33
1. Randomness and Knowledge 33
2. Statistical Decisions Are Not Sufficient Explanations 35
IV. Market Process Analysis 36
A. Purpose of Market Process Analysis 36
B. Features of Market Process Analysis 37
1. Scope 37
2. The Role of Equilibrium in Process Analysis 37
3. Competition and the Market Process 38
4. Causes of Change 39
C. Shortcomings of the Market Process Theory 40
1. The Meaning of Entrepreneurship 40
2. Disappointed Plans and Plan Change 41
3. Alertness and the Consistency of Plans 41
V. Conclusion 42
Chapter 2. Action, Maximizing, and Market Process
I. The Nature of Action 46
A. Introduction 46
B. The Presuppositions of Maximizing : 48
C. Action and Self interest 49
D. Action and Ignorance 51
E. Action and Alertness . 52
F. Action and Judgment 54
G. Action and Plans 56
H. Action and Learning 57
II. The Market Process: An Austrian View 58 t
A. Introduction 58 |
B. Scarcity 59 I
C. The Division of Labor 59
D. Property and Property Rights 61
E. The Emergence of Money in the Market 62
F. Monetary Calculation, the Division of Labor and the
Division of Knowledge 63
G. Competitive Bidding 65
H. Competition for Monetary Profit 66
I. Competition, Equilibration, and Market Order 68 F
HI. Equilibrium and the Market Process 70
A. Introduction 70
i
B. Equilibrium as a Balance of Forces 71
C. Equilibrium as the Compatibility of Plans 72
D. Equilibrium: Reality or Imaginary Construction 75
E. Maximizing as an Imaginary Construction 76
F. Equilibrium and Convergence of the Market Process 77
G. Equilibrium, Evolution and Economics as a Science 79
Chapter 3. Maximizing, Probability, and the Theory of Search
I. Introduction 83
II. The Elementary Model 83
A. The Anti Institutional Character of Search Theory 92
B. The Labor Market Focus 94
III. The Search Model With an Unknown Distribution 95
A. Introduction 95
B. A Preliminary Discussion of Probability Theory 96
C. Probability Maximizing and Search Theory 102
D. The Relevance and Coherence of Search Theory 103
IV. Subjective Probability and Search Theory 105
! A. Introduction 105
B. Probability as the Limit of a Sequence 106
C. Narrowness of Frequency Definition 107
D. Class Probability and Case Probability 108
E. Measurement of Case Probability 111
[ F. Case Probability, Search Theory, and Economic Theory 119
Chapter 4. Price and Quantity Adjustment
I. Introduction 125
II. Full Knowledge and Adjustment 127
A. First Example of a Market with Knowledge Sufficient
to Establish Equilibrium 127
B. Competition as Rival Bids 128
C. Second Example of a Market with Knowledge Sufficient
to Establish Equilibrium 13.1
D. Third Example of a Market with Knowledge Sufficient
to Establish Equilibrium 131
E. Summary 134
III. Limited Knowledge and Adjustment 134
A. Introduction 134
B. Example of a Market with a Single Disequilibrium Price 135
C. Some Remarks on Adjustment with a Single Price 142
D. Remarks: Stability and Adjustment Speed 142
E. Remarks: Adjustment Speed and Pareto Optimality 144
F. Remarks: Barro and Grossman on Adjustment 145
G. Remarks: Adjustment and the Walrasian Demand Curve 146
H. Summary of Adjustment with a Single Disequilibrium
Price 148
IV. Adjustment With Price Dispersion 148
A. The Causes of Price Dispersion 148
B. Example of a Market with Price Dispersion 149
1. Introduction 149
2. Formation of Sellers Plans 151
3. Formation of Buyers Plans 152
4. Planned Quantities vs. Walrasian Quantities ¦ 155
5. Behavior of Sellers and Buyers in the Market 158
6. The Price Quantity Distributions 160
7. The Null Case 160
8. Case la 161
9. Case lb 162
10. Case 2 163
11. Case 3 164
12. Summary of Cases 166
V. Conclusion 167
A. Some Faults of our Price Quantity Adjustment Models 167
Chapter 5. Concluding Remarks 170
Bibliography 172
Index 180
|
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| physical | 185 S. |
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| publisher | Philosophia |
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| series2 | The international Carl Menger library |
| spelling | High, Jack Verfasser aut Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium Jack High München ; Hamden ; Wien Philosophia 1990 185 S. txt rdacontent n rdamedia nc rdacarrier The international Carl Menger library Kapitalismus Austrian school of economics Capitalism Equilibrium (Economics) Prices Search theory Markt (DE-588)4037621-7 gnd rswk-swf Theorie (DE-588)4059787-8 gnd rswk-swf Ungleichgewichtstheorie (DE-588)4061738-5 gnd rswk-swf Gleichgewichtstheorie (DE-588)4071876-1 gnd rswk-swf Suchtheorie (DE-588)4233396-9 gnd rswk-swf Preistheorie (DE-588)4115623-7 gnd rswk-swf 1\p (DE-588)4113937-9 Hochschulschrift gnd-content Suchtheorie (DE-588)4233396-9 s Preistheorie (DE-588)4115623-7 s Ungleichgewichtstheorie (DE-588)4061738-5 s DE-604 Gleichgewichtstheorie (DE-588)4071876-1 s Markt (DE-588)4037621-7 s Theorie (DE-588)4059787-8 s HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=001688736&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | High, Jack Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium Kapitalismus Austrian school of economics Capitalism Equilibrium (Economics) Prices Search theory Markt (DE-588)4037621-7 gnd Theorie (DE-588)4059787-8 gnd Ungleichgewichtstheorie (DE-588)4061738-5 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd Suchtheorie (DE-588)4233396-9 gnd Preistheorie (DE-588)4115623-7 gnd |
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| title | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium |
| title_auth | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium |
| title_exact_search | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium |
| title_full | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium Jack High |
| title_fullStr | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium Jack High |
| title_full_unstemmed | Maximizing, action, and market adjustment an inquiry into the theory of economic disequilibrium Jack High |
| title_short | Maximizing, action, and market adjustment |
| title_sort | maximizing action and market adjustment an inquiry into the theory of economic disequilibrium |
| title_sub | an inquiry into the theory of economic disequilibrium |
| topic | Kapitalismus Austrian school of economics Capitalism Equilibrium (Economics) Prices Search theory Markt (DE-588)4037621-7 gnd Theorie (DE-588)4059787-8 gnd Ungleichgewichtstheorie (DE-588)4061738-5 gnd Gleichgewichtstheorie (DE-588)4071876-1 gnd Suchtheorie (DE-588)4233396-9 gnd Preistheorie (DE-588)4115623-7 gnd |
| topic_facet | Kapitalismus Austrian school of economics Capitalism Equilibrium (Economics) Prices Search theory Markt Theorie Ungleichgewichtstheorie Gleichgewichtstheorie Suchtheorie Preistheorie Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=001688736&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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