Neoclassical Price Theory, Institutions, and the Evolution of Securities Market Organisation

Jan Kregel

Economic Journal, 1995, vol. 105, issue 429, 459-70

Abstract: Despite differences in their price theories, both Alfred Marshall and Leon Walras explicitly patterned their analyses on an existing institution--the stock exchange. Analysis from this point of view notes that the dissimilarity may be explained by the diverse organization of their respective national stock markets. It also exposes similarity in their treatment of time and information. This analysis is then used to answer the question of whether there is a natural evolution towards an optimal market organization by reference to the historical evolution of the New York and London stock markets. Copyright 1995 by Royal Economic Society.

Date: 1995
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