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2015
- handle: 10670/1.svbmvw
- halshs: halshs-02092782
Mots-clés
price determination public market money marketSujets proches
Work, Method of Industry (Psychology) Method of work Competition (Economics) Economic competition Competitiveness (Economics)Citer ce document
José-Manuel Menudo et al., « Sir James Steuart on double competition and market stability », HAL-SHS : économie et finance, ID : 10670/1.svbmvw
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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.