EconPapers    
Economics at your fingertips  
 

Sir James Steuart on Double Competition and Market Stability

Jose Menudo () and Ramón Tortajada
Additional contact information
Ramón Tortajada: Université Grenoble Alpes - GREG

History of Economic Ideas, 2015, vol. 23, issue 1, 39-58

Abstract: This work examines the theory of price determination in Sir James Steuart, with a particular focus on the problem of market stability. The paper proposes a scheme of analysis in keeping with a view of exchange significantly different from classical and neoclassical theories – Steuart’s framework does not abstract money, merchant or state; price determination mechanism is a structured process inside a monetary circulation system that ensures transactions between agents. This allows us to distinguish between a supply-demand market adjustment, called ‘balance of work and demand’, and a competitive mechanism called ‘double competition’. This is an essential step in order to understand why this particular mechanism of interdependence fails to maintain a stable price, and how the statesman recovers the stability.

Date: 2015
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
http://www.libraweb.net/articoli.php?chiave=201506101&rivista=61
Access to full text is restricted to subscribers

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hid:journl:v:23:y:2015:1:3:p:39-58

Access Statistics for this article

History of Economic Ideas is currently edited by Riccardo Faucci, Nicola Giocoli, Roberto Marchionatti

More articles in History of Economic Ideas from Fabrizio Serra Editore, Pisa - Roma
Bibliographic data for series maintained by Mario Aldo Cedrini ().

 
Page updated 2019-08-02
Handle: RePEc:hid:journl:v:23:y:2015:1:3:p:39-58