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dc.contributor.authorBloch, Harry
dc.identifier.citationBloch, H. 2020. Price Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond. History of Economics Review. 75 (1): pp. 50-73.

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.

dc.publisherHistory of Economics Thought Society
dc.subjectPrice Theory
dc.subjectAdam Smith
dc.subjectDavid Ricardo
dc.subjectAlfred Marshall
dc.titlePrice Theory, Historically Considered: Smith, Ricardo, Marshall and Beyond
dc.typeJournal Article
dcterms.source.titleHistory of Economics Review

This is an accepted manuscript of an article published by Taylor & Francis in History of Economics Review on 21/05/2020 available online at

curtin.departmentSchool of Economics, Finance and Property
curtin.accessStatusOpen access
curtin.facultyFaculty of Business and Law
curtin.contributor.orcidBloch, Harry [0000-0002-4288-6925]
curtin.contributor.researcheridBloch, Harry [A-9591-2008]
curtin.contributor.scopusauthoridBloch, Harry [7103241924]

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