Do Market Prices Reflect Real Scarcity? Theories and Facts

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Do 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 re...

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Detalles Bibliográficos
Autor: Figueroa, Adolfo
Formato: artículo
Fecha de Publicación:2019
Institución:Pontificia Universidad Católica del Perú
Repositorio:PUCP-Institucional
Lenguaje:inglés
OAI Identifier:oai:repositorio.pucp.edu.pe:20.500.14657/167725
Enlace del recurso:http://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
https://doi.org/10.18800/economia.201901.003
Nivel de acceso:acceso abierto
Materia:Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
Precios de mercado
https://purl.org/pe-repo/ocde/ford#5.02.01
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spelling Figueroa, Adolfo2019-09-16http://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887https://doi.org/10.18800/economia.201901.003Do 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.application/pdfengPontificia Universidad Católica del Perú. Fondo EditorialPEurn:issn:2304-4306urn:issn:0254-4415info:eu-repo/semantics/openAccesshttp://creativecommons.org/licenses/by/4.0Economía; Volume 42 Issue 83 (2019)reponame:PUCP-Institucionalinstname:Pontificia Universidad Católica del Perúinstacron:PUCPMarket institutionMarket theoryMarket structureMarket competitionMarket relative pricesNatural resourcesScarcityCapitalismPrecios de mercadohttps://purl.org/pe-repo/ocde/ford#5.02.01Do Market Prices Reflect Real Scarcity? Theories and Factsinfo:eu-repo/semantics/articleArtículo20.500.14657/167725oai:repositorio.pucp.edu.pe:20.500.14657/1677252024-09-19 16:35:46.426http://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessmetadata.onlyhttps://repositorio.pucp.edu.peRepositorio Institucional de la PUCPrepositorio@pucp.pe
dc.title.es_ES.fl_str_mv Do Market Prices Reflect Real Scarcity? Theories and Facts
title Do Market Prices Reflect Real Scarcity? Theories and Facts
spellingShingle Do Market Prices Reflect Real Scarcity? Theories and Facts
Figueroa, Adolfo
Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
Precios de mercado
https://purl.org/pe-repo/ocde/ford#5.02.01
title_short Do Market Prices Reflect Real Scarcity? Theories and Facts
title_full Do Market Prices Reflect Real Scarcity? Theories and Facts
title_fullStr Do Market Prices Reflect Real Scarcity? Theories and Facts
title_full_unstemmed Do Market Prices Reflect Real Scarcity? Theories and Facts
title_sort Do Market Prices Reflect Real Scarcity? Theories and Facts
author Figueroa, Adolfo
author_facet Figueroa, Adolfo
author_role author
dc.contributor.author.fl_str_mv Figueroa, Adolfo
dc.subject.en_US.fl_str_mv Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
topic Market institution
Market theory
Market structure
Market competition
Market relative prices
Natural resources
Scarcity
Capitalism
Precios de mercado
https://purl.org/pe-repo/ocde/ford#5.02.01
dc.subject.es_ES.fl_str_mv Precios de mercado
dc.subject.ocde.none.fl_str_mv https://purl.org/pe-repo/ocde/ford#5.02.01
description Do 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.
publishDate 2019
dc.date.issued.fl_str_mv 2019-09-16
dc.type.none.fl_str_mv info:eu-repo/semantics/article
dc.type.other.none.fl_str_mv Artículo
format article
dc.identifier.uri.none.fl_str_mv http://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
dc.identifier.doi.none.fl_str_mv https://doi.org/10.18800/economia.201901.003
url http://revistas.pucp.edu.pe/index.php/economia/article/view/21151/20887
https://doi.org/10.18800/economia.201901.003
dc.language.iso.none.fl_str_mv eng
language eng
dc.relation.ispartof.none.fl_str_mv urn:issn:2304-4306
urn:issn:0254-4415
dc.rights.es_ES.fl_str_mv info:eu-repo/semantics/openAccess
dc.rights.uri.*.fl_str_mv http://creativecommons.org/licenses/by/4.0
eu_rights_str_mv openAccess
rights_invalid_str_mv http://creativecommons.org/licenses/by/4.0
dc.format.none.fl_str_mv application/pdf
dc.publisher.es_ES.fl_str_mv Pontificia Universidad Católica del Perú. Fondo Editorial
dc.publisher.country.none.fl_str_mv PE
dc.source.es_ES.fl_str_mv Economía; Volume 42 Issue 83 (2019)
dc.source.none.fl_str_mv reponame:PUCP-Institucional
instname:Pontificia Universidad Católica del Perú
instacron:PUCP
instname_str Pontificia Universidad Católica del Perú
instacron_str PUCP
institution PUCP
reponame_str PUCP-Institucional
collection PUCP-Institucional
repository.name.fl_str_mv Repositorio Institucional de la PUCP
repository.mail.fl_str_mv repositorio@pucp.pe
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score 13.924177
Do Market Prices Reflect Real Scarcity? Theories and Facts
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