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Article dans une revue History of Economic Ideas Année : 2015

Sir James Steuart on double competition and market stability

Résumé

This work examines the theory of price determination in Sir James Steuart, with a particular focus on the problem of market stability. The paper proposes a scheme of analysis in keeping with a view of exchange significantly different from classical and neoclassical theories - Steuart’s framework does not abstract money, merchant or state ; price determination mechanism is a structured process inside a monetary circulation system that ensures transactions between agents. This allows us to distinguish between a supply-demand market adjustment, called "balance of work and demand", and a competitive mechanism called "double competition". This is an essential step in order to understand why this particular mechanism of interdependence fails to maintain a stable price, and how the statesman recovers the stability.
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halshs-02092782, version 1 (08-04-2019)

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  • HAL Id : halshs-02092782 , version 1

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José-Manuel Menudo, Ramón Tortajada. Sir James Steuart on double competition and market stability. History of Economic Ideas, 2015, 23 (1), pp.39-58. ⟨halshs-02092782⟩

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Dernière date de mise à jour le 28/04/2024
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