Sir James Steuart on double competition and market stability

José-Manuel Menudo and Ramón Tortajada ()
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José-Manuel Menudo: UPO - Universidad Pablo de Olavide [Sevilla]
Ramón Tortajada: CREG - Centre de recherche en économie de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2

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Abstract: This work examines the theory of price determination in Sir James Steuart, with a particular focus on the problem of market stability. The paper proposes a scheme of analysis in keeping with a view of exchange significantly different from classical and neoclassical theories - Steuart's framework does not abstract money, merchant or state ; price determination mechanism is a structured process inside a monetary circulation system that ensures transactions between agents. This allows us to distinguish between a supply-demand market adjustment, called "balance of work and demand", and a competitive mechanism called "double competition". This is an essential step in order to understand why this particular mechanism of interdependence fails to maintain a stable price, and how the statesman recovers the stability.

Keywords: price determination; public market; money; market (search for similar items in EconPapers)
Date: 2015
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Published in History of Economic Ideas, 2015, 23 (1), pp.39-58

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-02092782

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