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Price Theory (Hardcover)
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Price Theory (Hardcover)
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Economics is sometimes divided into two parts: positive economics
and normative economics. The former deals with how the economic
problem is solved, while the latter deals with how the economic
problem should be solved. The effects of price or rent control on
the distribution of income are problems of positive economics. The
desirability of these effects on income distribution is a problem
of normative economics. Within economics, the major division is
between monetary theory and price theory. Monetary theory deals
with the level of prices in general, with cyclical and other
fluctuations in total output, total employment, and the like. Price
theory deals with the allocation of resources among different uses,
the price of one item relative to another. Prices do three kinds of
things. They transmit information, they provide an incentive to
users of resources to be guided by this information, and they
provide an incentive to owners of resources to follow this
information. Milton Friedman's classic book provides the
theoretical underpinning for and understanding of prices. Economics
is not concerned solely with economic problems. It is a social
science, and is therefore concerned primarily with those economic
problems whose solutions involve the cooperation and interaction of
different individuals. It is concerned with problems involving a
single individual only insofar as the individual's behavior has
implications for or effects upon other individuals. Price Theory is
concerned not with economic problems in the abstract, but with how
a particular society solves its economic problems.
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