Market Process Theories, 2 volumes

Co-edited by David L. Prychitko

Aldershot: Edward Elgar Publishing, 1998

Market process theory is principally concerned with explaining how the market moves towards a state of general economic equilibrium and how production and consumption plans become coordinated. Market Process Theories presents in two volumes the most important articles by leading economists which contribute to an understanding of the processes of economic coordination.



Volume I examines classical and neoclassical theories; it suggests that many classical writers can be interpreted as having anticipated a more dynamic disequilibrium analysis, and evaluates Marxian process theory also in this light. Other topics include analyses of price adjustment models, stability and disequilibria and a discussion of the challenge of increasing returns. Volume II deals with criticisms of standard theories such as institutionalism and post Keynesian criticisms. It also offers an exploration of the Swedish influence in the field with papers on the theory of savings and the concept of monetary equilibrium among others. Austrian economics is the subject of the final section, which explores such topics as the meaning of competition, process analysis and price and quantity adjustment. 



Volume I:

Part I: Process in Classical Economics

Part II: Marxian Process Theory

Part III: Formal Market Process Models in Neoclassical Economics

Part IV: The Challenge of Increasing Returns


Volume II:

Part I: Institutionalist Approaches and Post Keynesian Criticisms

Part II: The Swedish Influence on Market Process Theory

Part III: The Central Concept of Austrian Economics: Market Process