Market process theory is principally concerned with explaining how
the market moves towards a state of general economic equilibrium
and how production and consumption plans become coordinated. Market
Process Theories presents in two volumes the most important
articles by leading economists which contribute to an understanding
of the processes of economic coordination.Volume I examines
classical and neoclassical theories; it suggests that many
classical writers can be interpreted as having anticipated a more
dynamic disequilibrium analysis, and evaluates Marxian process
theory also in this light. Other topics include analyses of price
adjustment models, stability and disequilibria and a discussion of
the challenge of increasing returns. Volume II deals with
criticisms of standard theories such as institutionalism and post
Keynesian criticisms. It also offers an exploration of the Swedish
influence in the field with papers on the theory of savings and the
concept of monetary equilibrium among others. Austrian economics is
the subject of the final section, which explores such topics as the
meaning of competition, process analysis and price and quantity
adjustment.
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