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Do Market Prices Reflect Real Scarcity? Theories and Facts

dc.contributor.authorFigueroa, Adolfo
dc.date.issued2019-09-16
dc.identifier.urihttp://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
dc.description.abstractDo market relative prices reflect real scarcity of resources? If this were so, market prices would provide society with the correct signals about real scarcities. Economics—the science of scarcity— has different answers to this question. Following the principles of current epistemology, the paper reviews three theories of markets: neoclassical, bio-economics, and unified theory, analyzing their assumptions, their derived empirical predictions about the relation between market prices and scarcity, and their validity when confronted against known basic facts. Clarifying misconceptions about the nature and the role of the market mechanism in the functioning of capitalism is the expected contribution of the paper.en_US
dc.formatapplication/pdf
dc.language.isoeng
dc.publisherPontificia Universidad Católica del Perú. Fondo Editoriales_ES
dc.relation.ispartofurn:issn:2304-4306
dc.relation.ispartofurn:issn:0254-4415
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.rights.urihttp://creativecommons.org/licenses/by/4.0*
dc.sourceEconomía; Volume 42 Issue 83 (2019)es_ES
dc.subjectMarket institutionen_US
dc.subjectMarket theoryen_US
dc.subjectMarket structureen_US
dc.subjectMarket competitionen_US
dc.subjectMarket relative pricesen_US
dc.subjectNatural resourcesen_US
dc.subjectScarcityen_US
dc.subjectCapitalismen_US
dc.subjectPrecios de mercadoes_ES
dc.titleDo Market Prices Reflect Real Scarcity? Theories and Factses_ES
dc.typeinfo:eu-repo/semantics/article
dc.type.otherArtículo
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.01
dc.publisher.countryPE
dc.identifier.doihttps://doi.org/10.18800/economia.201901.003


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