DIFFERENTIATION AND CONTINUITY IN THE MARKET ECONOMY

G.B. Richardson

A chapter in Austrian Economics and Entrepreneurial Studies, 2003, pp 89-95 from Emerald Group Publishing Limited

Abstract: The effective working of market economies is dependent, for reasons not fully recognised, on the existence, and on the relative stability, of differences in the capabilities of individual firms. General equilibrium theory abstracts from these circumstances and is therefore unable to explain how economic adjustment actually takes place; a proper appreciation of the role played by differentiation and continuity enables to do this and to assess the scope and limitations of the process.

Date: 2003
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-2134(03)06006-x

DOI: 10.1016/S1529-2134(03)06006-X

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