Economics of Markets: Neoclassical Theory, Experiments, and Theory of Classical Price Discovery

by Vernon L. Smith and Sabiou M. Inoua

This book establishes that neoclassical economics based on the marginal utility calculus failed to derive a theory of consumer market price discovery consistent with the experimental market evidence. Such markets involve inherently discrete final-demand items bought for consumption and not subject to resale. Classical economists following Adam Smith articulated a rich narrative of price discovery theory consistent with experimental evidence based...

• Format: Hardcover
• Language: English
• ISBN: 3031084276
• ISBN13: 9783031084270
• Release Date: November 2022
• Publisher: Palgrave MacMillan
• Length: 189 Pages
• Weight: 0.87 lbs.
• Dimensions: 0.5" x 5.8" x 8.3"