Normal Price as a Market Concept

E. G. Nourse

The Quarterly Journal of Economics, 1919, vol. 33, issue 4, 632-651

Abstract: The normal price concept reflects a constructive purpose of economic theory, 632. — Margin of profit-making entrepreneurship a test of normality, 633. — Need of a market-distribution normal particularly in the case of extractive products, whose supply is not expansible during certain periods, 636. — This implies merely some change of emphasis and complementing of the equilibrium theory of value, 638. — The perfect competitive market price really a normalized price, 639. — The distribution normal as a test of the efficiency of our marketing arrangements, 640. — Relation of cross-section to longitudinal view of the market, 641. — Market normal of fixed-supply goods, 642. — For farm products a "season's normal," 643. — This may undergo change as the season progresses, 644. — Recapitulation, 648. — Three phases of the market normal, 649. — Interplay of the market-distribution and production-adjustment concepts of normality, 650. — Practical usefulness of the above theory, 651.

Date: 1919
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