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Disequilibrium trade as a metaphor for social disorder in the work of Jean-Baptiste Say

Authors :
Forget, Evelyn
Source :
History of Political Economy. Annual, 1994, Vol. 26 Issue SUPP, p135, 14 p.
Publication Year :
1994

Abstract

Jean-Baptiste Say's analysis of markets indicates a rejection of higgling as a useful concept for modern economics. Higgling originated as the process of bargaining in a marketplace, and some economists have expanded it to cover modern institutional systems. However, Say found that markets clear under perfect freedom, due to competition of supply and demand. Higgling would be an indication of disequilibrium or social disorder.

Details

ISSN :
00182702
Volume :
26
Issue :
SUPP
Database :
Gale General OneFile
Journal :
History of Political Economy
Publication Type :
Academic Journal
Accession number :
edsgcl.16606601