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The Concept of Normal Price in Value and Distribution

F. H. Knight

The Quarterly Journal of Economics, 1917, vol. 32, issue 1, 66-100

Abstract: "Primary" value theory and distributive theory call for the same formulation of the market price concept but for different conceptions of normal price, 66. — Contrast of market price and normal price points of view, equilibrium between amounts vs. between rates of flow, 68. — Limitations; meaning of cost of production, 72. — Clark's "Static State" the same concept as Marshall's long-period normal price of consumption goods, but incorrectly applied to distribution, 73. — This concept applicable in "sub-distribution," which is practically more important than the theorist's division of income into general shares, 84. — Criticism of Marshall's equilibrium levels of wages and interest, 89. — Conclusion: Marshall's theory a correct logical definition, but applicable to reality only as determining a "tendency" which may be overcome by other tendencies; contrast with Clark; contrast with Mill, 95.

Date: 1917
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The Quarterly Journal of Economics is currently edited by Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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