Dr. Anderson and the Austrians: Price formation as a cumulative process |
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Authors: | Jack High |
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Institution: | (1) School of Public Policy, George Mason University, Fairfax, VA, USA |
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Abstract: | The formation of money prices is a pervasive feature of market economies. The theoretical explanation of money prices requires
economists to recognize that prices are the result of a cumulative process in which past prices and practices create present
prices, which are the basis of the plans and actions that will create future prices and practices. Lavoie’s interpretive economics
embraces the historical element in economic theory and furnishes an approach congenial to studying the market as a cumulative
process. |
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Keywords: | |
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