Relative Prices-Methods and Constraints in Forecasting: Some Empirical Considerations

G. F. Ray
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G. F. Ray: National Institute of Economic and Social Research

Chapter 4 in The Economics of Relative Prices, 1984, pp 89-116 from Palgrave Macmillan

Abstract: Abstract In an economy in which markets are permitted to work without intervention, the decisions taken by individual or corporate buyers and sellers are determined, co-ordinated and made consistent with each other by movements in prices. This mechanism-the price system-causes the price of a commodity to rise if demand exceeds supply (if buyers wish to purchase more than sellers wish to, or can, supply); in the case of an oversupply, the effect is the opposite: the price will fall-until, at some particular price, the quantities to be purchased and sold are equal.

Keywords: Natural Rubber; Relative Price; Relative Prex; Export Price; Coal Price (search for similar items in EconPapers)
Date: 1984
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DOI: 10.1007/978-1-349-06265-2_4

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