Prediction

Michael Allingham
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Michael Allingham: University of Kent

Chapter 11 in Value, 1983, pp 86-94 from Palgrave Macmillan

Abstract: Abstract Given that equilibrium prices exist, depend continuously on attributes, and are likely to be unique and stable I now enquire whether such prices depend in a predictable way on the attributes of the economy. This will be the case if the equilibrium price of a commodity rises when the commodity becomes scarcer; if this were not the case then the theory of value would have little predictive power. To return to the analogy of the ball and spring, the theory of weight would be unsatisfactory if the spring sometimes shortened when the diameter of the ball was increased, particularly if it also sometimes lengthened, for then changes in weight could not be predicted on the basis of changes in diameter.

Date: 1983
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DOI: 10.1007/978-1-349-17001-2_11

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