Introduction

Sabiou M. Inoua () and Vernon Smith ()
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Sabiou M. Inoua: Chapman University

Chapter Chapter 2 in Economics of Markets, 2022, pp 9-19 from Springer

Abstract: Abstract The implicit axiom of price-taking behavior opens the question of who or what is giving prices, to what purpose, how they are formed initially, and how they adjust in response to changes in the economic environment. The early neoclassical innovators, writing nearly one hundred years after Adam Smith, were primarily concerned with applying their new tools to modeling the structure of economic interdependence in a market economy and were content with simplifying assumptions they believed facilitated that objective.

Keywords: Equilibrium; Neoclassical theory and economics; Marginal revolution; Classical economics; Market demand (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/978-3-031-08428-7_2

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