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    Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond

    81441.pdf (518.0Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Date
    2020
    Type
    Journal Article
    
    Metadata
    Show full item record
    Citation
    Bloch, H. 2020. Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond. History of Economics Review. 75 (1): pp. 50-73.
    Source Title
    History of Economics Review
    DOI
    10.1080/10370196.2020.1745439
    ISSN
    1037-0196
    Faculty
    Faculty of Business and Law
    School
    School of Economics, Finance and Property
    Remarks

    This is an accepted manuscript of an article published by Taylor & Francis in History of Economics Review on 21/05/2020 available online at http://www.tandfonline.com/10.1080/10370196.2020.1745439.

    URI
    http://hdl.handle.net/20.500.11937/81376
    Collection
    • Curtin Research Publications
    Abstract

    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.

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