Introduction

Michael Allingham
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Michael Allingham: University of Kent

Chapter 1 in Value, 1983, pp 1-4 from Palgrave Macmillan

Abstract: Abstract Value, according to the Oxford dictionary is ‘the amount … for which a thing can be exchanged’; in other words, value is the price which prevails in the market, or equilibrium price. In this book I discuss what determines value in this sense, or, to be more concrete, why wheat is more valuable than oats (bushel for bushel).

Keywords: Equilibrium Price; Market Mechanism; Economic Equilibrium; Full Equilibrium; Logical Question (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-17001-2_1

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