Evolutionary Price Theory by Harry Bloch

Evolutionary Price Theory by Harry Bloch

Economic evolution involves structural change from within, so evolutionary price theory needs to address how prices facilitate and accommodate this structural change and how structural change in turn impacts on prices. Such analysis is impossible using neoclassical price theory in which endowments of inputs, production technology and consumer preferences are all treated as exogenously determined and the future is known or at least its probability distribution is known. An alternative theory of price determination outlined in this book is compatible with structural change from within and an unknown future. The theory employs an open-system ontology and a micro-meso-macro methodology. Prices have a dual informational role in evolutionary economics. As well as coordinating ongoing production and consumption activities, prices provide information to guide potential entrepreneurs and their financiers in evaluating the profitability of innovations. The latter role can substantially disrupt the order created in the former role.

SKU	Unavailable
ISBN 13	9781009669207
ISBN 10	1009669206
Title	Evolutionary Price Theory
Author	Harry Bloch
Series	Elements In Evolutionary Economics
Condition	Unavailable
Binding Type	Paperback
Publisher	Cambridge University Press
Year published	2025-05-08
Number of pages	104
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.