T. W. Swan: “Price Flexibility and Employment”

Peter L. Swan ()
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Peter L. Swan: UNSW (Sydney)

Chapter Chapter 9 in Trevor Winchester Swan, Volume I, 2022, pp 225-244 from Palgrave Macmillan

Abstract: Abstract “Traditional” economic theoryPrice Flexibility and Employment is largely concerned with the definition of the set of relative prices which in given conditions of tastes, knowledge and resources, will “clear the market,” leaving neither excess demand nor excess supply—neither bottlenecksbottlenecks nor unemployment—anywhere in the economy. In the fish market or the auction room—wherever the market forces can be observed most clearly and freely at work—the free rise on fall of prices can be seen to bring demands and supplies into equilibrium. It seems, therefore, a short step to the proposition that a free and flexible pricing system will automatically tend to establish all prices in their equilibrium relationship.

Date: 2022
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DOI: 10.1007/978-3-031-13737-2_9

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