Property and Prices (Hardcover) (ISBN-13: 9780521419031)

Property and Prices shows arbitrage and speculation in the stockmarket to be a capitalist economy's most fundamental mechanism of price determination and resource allocation. Once a stockmarket is incorporated into general-equilibrium theory, the classical analysis of value (a la Ricardo, Marx and Sraffa) and the neoclassical theory of price (descending from Walras, Hicks and Arrow-Debreu) can be seen to possess the same mathematical structure. The modern theory of arbitrage pricing in financial markets thus is capable of bringing together the two great rival schools of economic thought.

Author: Andre Charles Burgstaller,Androe Charles Burgstaller
ISBN-10: 0521419034
ISBN-13: 9780521419031
Publisher: Cambridge University Press
Language: English
Published: 01/27/1995
Pages: 256
Format: Hardcover
Weight: 1.13lbs
Size: 9.00h x 6.00w x 0.63d