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CONTENTS

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Introduction to the Liberty Fund Edition by Peter J. Boettke and Frédéric Sautet

Preface

1. THE NATURE AND TASKS OF MARKET THEORY

The Individual and the Market / The Market System / The Foundations of Market Theory / The Individual and Economic Behavior / Economic Theory and Economic Reality / Market Theory, Economic Theory, and Economics / Summary

2. THE MARKET: ITS STRUCTURE AND OPERATION

The Conditions Under Which the Market Operates / Market Roles / The Structure of the Market System: Vertical Relationships / The Structure of the Market System: Horizontal Relationships / The Analysis of Human Action in the Market: The Concept of Equilibrium / Complete and Incomplete Equilibrium / The Pattern of Market Adjustment / The Changing Market / The Market System as a Whole / Summary

3. EFFICIENCY, COORDINATION, AND THE MARKET ECONOMY

The Economic Problem / Society and the Economic Problem / The Problem of Coordination / How the Market Solves the Problems of Coordination / The Coordinating Function of Profits in a Market Economy / Summary

4. UTILITY THEORY

The Scale of Values / Marginal Utility / Diminishing Marginal Utility / The Marginal Utilities of Related Goods / Marginal Utility—Some Further Remarks / Marginal Utility and the Conditions for Exchange / Summary

5. CONSUMER INCOME ALLOCATION

Marginal Utility and the Allocation of Income / The Position of Consumer’s Equilibrium / A Geometrical Illustration / The Effects of Changes / The Individual Demand Curve / Some Remarks on Expectations / Summary

6. MARKET DEMAND

Market Demand / The Market Demand Curve / Demand Elasticity / Measures of Elasticity / Market Demand as Seen by the Individual Entrepreneur / Demand and Revenue / Demand and the Prices of Other Goods / Demand as a Market Force / Summary

7. MARKET PROCESS IN A PURE EXCHANGE ECONOMY

The Nature of Competition / A Simple Case of Price Competition / Simple Price Competition Without Perfect Knowledge / The Market for Several Non-Producible Goods: The Problem / The Equilibrium Situation for the Multi-Commodity Market / The Multi-Commodity Market Without Perfect Knowledge / Monopoly in a Pure Exchange Market / The Agitation of the Market / Summary / Appendix

8. PRODUCTION THEORY

The Economic Aspect of Production / Production by the Isolated Individual / Production in Society / Production in the Market Economy / Factors of Production / Production Functions and Isoquants / The Shape of the Isoquant and the Substitutability of Factors / Changes in Factor Proportions, and Changes in the Scale of Factor Employment / Returns to Scale / The Laws of Variable Proportions: The Problem / The Laws of Variable Proportions / Economic Implications of the Laws of Variable Proportions / The Least-Cost Combination / Graphic Illustration of the Least-Cost Combination / Summary

9. COSTS AND SUPPLY

Costs and Rents / Opportunity Costs and Supply Theory / Prospective and Retrospective Costs / Capital Goods and Cost Theory / Factor Divisibility and Short-Run Per-Unit Costs / Short-Run Costs and Their Effect on Supply / Long-Run Costs and Supply / Factor Prices and Supply / Summary

10. PARTIAL MARKET PROCESSES—THE DETERMINATION OF PRODUCT PRICES AND FACTOR PRICES

The Market for a Single Product

Long-Run Equilibrium / Short-Run Equilibrium in the Single-Product Market / Equilibrium in the Single-Product Market in the Very Short Run / Adjustment to Change in a Market for a Single Product / The Market Process in a Market for a Single Product

The Market for a Single Factor of Production

Equilibrium in a Factor Market / The Market Process in a Market for a Single Factor of Production

Toward the General Market Process

Summary

11. THE GENERAL MARKET PROCESS

A Preliminary Model / The Preliminary Model and the General Model / General Market Equilibrium Conditions / A General Market in Disequilibrium / Disequilibrium in the General Market and Entrepreneurial Opportunities / Entrepreneurial Activity and the General Market Process / Partial Analysis and the Analysis of a General Market / Toward Further Extensions of the General Market Model / Summary

12. MONOPOLY AND COMPETITION IN THE GENERAL MARKET

The Monopolized Resource / The Resource Cartel / Restriction of Supply: A Special Case / Combinations of Resource Buyers / Monopoly in Production / The Consequences of Monopoly Output Restriction / The Monopolist-Producer as a Resource Buyer / Further Remarks on Monopolized Products / The Single Producer Without Monopoly / Some Remarks on the Model of “Pure” or “Perfect” Competition / Monopolistic Price Discrimination / Summary

13. THE PRICE SYSTEM AND THE ALLOCATION OF RESOURCES

The Possible Levels of “Welfare” Appraisal / Misallocation of a Resource in a Market System / Imperfect Knowledge, the Source of Resource Misallocation / Prices, Profits, and the Reallocation of Resources / The Entrepreneur and Resource Allocation / Resource Mobility and the Allocation Pattern / Monopoly as an Obstacle to Correct Resource Allocation / Artificial Obstacles to Correct Resource Allocation / Summary

APPENDIX: THE APPLICATION OF MARKET THEORY TO MULTI-PERIOD PLANNING

Multi-Period Decisions in the Pure Exchange Economy / The Intertemporal Market / Speculation as an Aspect of Intertemporal Markets / Multi-Period Decisions of Producers / The Place of Capital Goods in Production

Index

Market Theory and the Price System

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