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A.-R.-J. Turgot on a General Market: Competition, Price and History

Author

Listed:
  • José M. Menudo

    (Department of Economics, Universidad Pablo de Olavide)

Abstract

The purpose of this paper is to re-examine the notion of price determination in A.-R.-J. Turgot’s writings. Consideration is given to the evolution of the concept of market during the 18th century. It is argued that Turgot provided a model of multiple exchanges with merchants, called General market, in order to tackle economic problems, as is the market integration, price stability and the hoarding of capital. Further, we demonstrate how a uniform price, which is kept constantly, required that Turgot made use of theoretical tools from other disciplines.

Suggested Citation

  • José M. Menudo, 2007. "A.-R.-J. Turgot on a General Market: Competition, Price and History," Working Papers 07.07, Universidad Pablo de Olavide, Department of Economics.
    • Handle: RePEc:pab:wpaper:07.07
    as

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    File URL: http://www.upo.es/serv/bib/wps/econ0707.pdf
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    References listed on IDEAS

    as
    1. N/A, 1985. "Asia," India Quarterly: A Journal of International Affairs, , vol. 41(1), pages 80-87, January.
    2. Brian J. Loasby, 2001. "Time, knowledge and evolutionary dynamics: why connections matter," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 393-412.
    3. Guido Erreygers, 1990. "Turgot et le fondement subjectif de la valeur," Cahiers d'Économie Politique, Programme National Persée, vol. 18(1), pages 149-169.
    4. Brewer, Anthony A, 1987. "Turgot: Founder of Classical Economics," Economica, London School of Economics and Political Science, vol. 54(216), pages 417-428, November.
    5. P. D. Groenewegen, 1970. "A Reappraisal of Turgot's Theory of Value, Exchange, and Price Determination," History of Political Economy, Duke University Press, vol. 2(1), pages 177-196, Spring.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Turgot; Equilibrium and Disequilibrium; price formation; Information and Knowledge.;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness

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