Do Market Prices Reflect Real Scarcity? Theories and Facts

dc.creatorFigueroa, Adolfo
dc.date2019-09-16
dc.date.accessioned2023-03-08T19:00:08Z
dc.date.available2023-03-08T19:00:08Z
dc.identifierhttps://revistas.pucp.edu.pe/index.php/economia/article/view/21151
dc.identifier10.18800/economia.201901.003
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/5961739
dc.descriptionDo 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.languageeng
dc.publisherPontificia Universidad Católica del Perúen-US
dc.relationhttps://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
dc.sourceEconomía; Volume 42 Issue 83 (2019); 54-74es-ES
dc.source2304-4306
dc.source0254-4415
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.titleDo Market Prices Reflect Real Scarcity? Theories and Factsen-US
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:eu-repo/semantics/publishedVersion


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