Prices and Production Efficiency

Leonid Kantorovich and V. L. Makarov
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V. L. Makarov: Academy of Sciences of the USSR

Chapter 1 in The Economics of Relative Prices, 1984, pp 3-23 from Palgrave Macmillan

Abstract: Abstract Prices are a great invention of mankind. Over a long period of history they have been of vital importance, and it is little wonder that the best minds devoted their energies to the understanding of the nature and essence of prices. It is clear that price is not a frozen notion; its essence and functions, its role both in economy and society, depend on a particular social organisation. Price theory is formalised and developed accordingly.

Keywords: Optimality Criterion; Production Efficiency; Economic Efficiency; Socialist Economy; Dual Solution (search for similar items in EconPapers)
Date: 1984
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-06265-2_1

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DOI: 10.1007/978-1-349-06265-2_1

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