Conclusion

Michael Allingham
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Michael Allingham: University of Kent

Chapter 12 in Value, 1983, pp 95-98 from Palgrave Macmillan

Abstract: Abstract The theory of value presented here may be summarised as follows. An economy consists of a number of agents, each of whom is endowed with some given amounts of various commodities and has some given preferences between these commodities. At any given prices each agent plans exchanges of commodities on the basis of these preferences and endowments; if all these planned exchanges are compatible then the prices are equilibrium prices, or values. Thus values are determined by agents’ preferences and endowments, that is by scarcities.

Keywords: Equilibrium Price; Capital Good; Excess Demand; Production Combination; Explosive Effect (search for similar items in EconPapers)
Date: 1983
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DOI: 10.1007/978-1-349-17001-2_12

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