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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Evolutionary Price Theory

Evolutionary Price Theory

Bloch, Harry

Paperback

Series: Elements in Evolutionary Economics

Economics

ISBN10: 1009669206
ISBN13: 9781009669207
Publisher: Cambridge University Press
Published: May 8 2025
Pages: 104
Weight: 0.34
Height: 0.22 Width: 6.00 Depth: 9.00
Language: English
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.

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