ADAM SMITH’S SYSTEM OF NATURAL LIBERTY: COMPETITION, CONTESTABILITY, AND MARKET PROCESS

2010 ◽  
Vol 32 (2) ◽  
pp. 237-262 ◽  
Author(s):  
MICHAEL E. BRADLEY
Keyword(s):  
Economic Theory ◽  
Perfect Competition ◽  
Market Process ◽  
Market Theory ◽  
Competitive Model ◽  
Modern Economic ◽  
Contestable Market

In this article, I argue that Adam Smith’s system of perfect liberty contains some of the seeds of perfect competition, but that the modern perfectly competitive model differs from Smith’s perfect liberty in some important respects—in particular, the role of active competition among firms and the role of the entrepreneur. The article examines the analytical linkages between Smith’s system of liberty and three strands of modern economic theory—neoclassical perfect competition, contestable market theory and the Austrian analysis of market process.

Experience economy: dancing in the park

10.12737/4310 ◽  
2014 ◽  
Vol 8 (2) ◽  
pp. 50-59 ◽  
Author(s):  
Екатерина Агамирова ◽  
Ekaterina Agamirova ◽  
Виктория Лапочкина ◽  
Viktoriya Lapochkina
Keyword(s):  
Economic Theory ◽  
Leisure Activity ◽  
Commercial Product ◽  
Experience Economy ◽  
Modern Economic ◽  
The City

The article presents the role and place of experience in a person´s life, shows the essence of his personality as a form of interaction with the environment. On the basis of defining the role of leisure and entertainment such areas of modern economic theory as «culture economy» and «experience economy» are highlighted. Dance is shown as a kind of leisure activity and as a commercial product. The authors give a list of open dance floors of Moscow and their locations on the map of the city.

Market Theory and the Price System

2015 ◽  
pp. 64-93
Author(s):  
Frederic Sautet
Keyword(s):  
Price System ◽  
Perfect Competition ◽  
Market Process ◽  
Market Theory ◽  
Ludwig Von Mises ◽  
Entrepreneurial Discovery ◽  
Classical Notion ◽  
System P ◽  
The Difference ◽  
Von Mises

This chapter presents a narrative about the evolution of market theory, which can be divided into two lines of thinking: the genetic-causal and the instrumental-causal traditions. The difference between the two views became clear around 1920, when prices came to be considered as parameters. This evolution had wide-ranging implications, as it drove the entire corpus of perfect competition and rejected the classical notion of the market as a dynamic, entrepreneurial system. Ludwig von Mises and Friedrich Hayek criticized the instrumental-causal view of market theory, arguing that its focus on equilibrium precluded an explanation of the way the market process unfolds. But it was Israel Kirzner who offered a theory of entrepreneurial discovery based on the alertness to hitherto unnoticed profit opportunities. It is argued that Kirzner’s market theory is the most accomplished theory of its kind in the genetic-causal tradition.

The Symbiosis of Economic Science and Practice in Reforming (On the Book by S. Ya. Chernavsky “Reforms of the Energy Regulated Branches in Russia”)

2014 ◽  
pp. 114-124
Author(s):  
V. Makarov
Keyword(s):  
Mathematical Modeling ◽  
Economic Theory ◽  
Mathematical Models ◽  
Economic Science ◽  
Successful Implementation ◽  
Policy Recommendations ◽  
Economic Agents ◽  
Modern Economic ◽  
Econometrics Analysis

The book by S. Chernavsky is devoted to the reform of the Russian energy sector and the economy as a whole. The author assesses in detail carried out reforms and develops policy recommendations in the interest of the society. In some chapters of this book the author plays the role of an analyst, in the others - that of one of the participants directly involved in the reform or its main developer. In all cases, the analysis is combined with the use of modern economic theory, mathematical models of the behavior of economic agents and empirical data. Many mathematical models presented have been developed and evaluated in cooperation with the leading Russian experts in the field of mathematical modeling and econometrics analysis that determines their validity. The obtained results and policy recommendations allow us to count on lower transformation costs and higher probability of successful implementation of reforms.

Methodological Principles of Keynes’ Theory and His «Strife over Method» with Tinbergen

2007 ◽  
pp. 25-36 ◽  
Author(s):  
I. Rozmainsky
Keyword(s):  
Economic Theory ◽  
Critical View ◽  
Modern Economic ◽  
Methodological Principles

The author analyzes Keynes-Tinbergen controversy in the context of Keynes’ methodological ideas, which he thinks are fully opposite to the methodology of modern economic theory. Using different Keynes’ papers the author considers this difference in detail and shows its links to the critical view held by Keynes towards econometrics

Beyond GDP: The Quest for a Measure of Social Welfare. Part I

2012 ◽  
pp. 67-93 ◽  
Author(s):  
M. Fleurbaey
Keyword(s):  
Economic Theory ◽  
Social Welfare ◽  
Well Being ◽  
National Product ◽  
Future Generations ◽  
Modern Economic ◽  
Aggregate Wealth ◽  
Net National Product ◽  
Sustainability Policy ◽  
Beyond Gdp

The first part of the paper is devoted to the monetary indicators of social welfare. It is shown which methods of quantitative estimating the aggregate wealth and well-being are available in the modern economic theory apart from the traditional GDP measure. The limitations of the methods are also discussed. The author shows which measures of welfare are adequate in the dynamic context: he considers the problems of intertemporal welfare analysis using the Net National Product (NNP) for the sustainability policy and in the context of concern for well-being of the future generations.

Whatever Happened to the Cambridge Capital Theory Controversies? (With comments by L. Pasinetti, F. Fisher, J. Felipe and J. McCombie, R. Greenfield and reply by the authors)

2009 ◽  
pp. 4-27
Author(s):  
A. Cohen ◽  
G. Harcourt
Keyword(s):  
Economic Theory ◽  
Economic Thought ◽  
Point Of View ◽  
Chronological Order ◽  
Capital Theory

The article written by the well-known theorists and historians of economic thought contains a detailed overview of the Cambridge capital controversy, which had raged from the mid-1950-s through the mid-1970-s. The authors track the origins of the controversy and cover arguments of both sides in chronological order. From their point of view, the discussion hasnt been resolved, and its main underlying aspects were ideological beliefs and fundamental methodological controversies on the nature of equilibrium and on the role of time in economic theory. The article is published with comments written by other leading theoreticians.

Some Developments in Economic Theory Since 1940: An Eyewitness Account

2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economics Of Information ◽  
Modern Economic ◽  
Eyewitness Account ◽  
Theory Uncertainty ◽  
Professional Formation

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.

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