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Neoclassical Price Theory, Institutions, and the Evolution of Securities Market Organisation

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  • Kregel, J A

Abstract

Despite differences in their price theories, both Alfred Marshall and Leon Walras explicitly patterned their analyses on an existing institution--the stock exchange. Analysis from this point of view notes that the dissimilarity may be explained by the diverse organization of their respective national stock markets. It also exposes similarity in their treatment of time and information. This analysis is then used to answer the question of whether there is a natural evolution towards an optimal market organization by reference to the historical evolution of the New York and London stock markets. Copyright 1995 by Royal Economic Society.

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  • Kregel, J A, 1995. "Neoclassical Price Theory, Institutions, and the Evolution of Securities Market Organisation," Economic Journal, Royal Economic Society, vol. 105(429), pages 459-470, March.
    • Handle: RePEc:ecj:econjl:v:105:y:1995:i:429:p:459-70
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    Cited by:

    1. Todd Smith, R., 2001. "Price volatility, welfare, and trading hours in asset markets," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 479-503, March.
    2. Dimitri B. Papadimitriou & L. Randall Wray, 2001. "Minsky's analysis of financial capitalism," Chapters, in: Riccardo Bellofiore & Piero Ferri (ed.), Financial Keynesianism and Market Instability, chapter 7, Edward Elgar Publishing.
    3. Edward Stringham, 2002. "The Emergence of the London Stock Exchange as a Self-Policing Club," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 17(Spring 20), pages 1-19.
    4. Gehrig, Thomas & Fohlin, Caroline & Haas, Marlene, 2015. "Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907," CEPR Discussion Papers 10497, C.E.P.R. Discussion Papers.
    5. Hanin, Frédéric, 2003. "La place du Treatise on Money dans l’oeuvre de Keynes : une théorie de l’instabilité," L'Actualité Economique, Société Canadienne de Science Economique, vol. 79(1), pages 71-86, Mars-Juin.
    6. Gehrig, Thomas Paul & Fohlin, Caroline & Haas, Marlene, 2015. "Liquidty Freezes and Market Runs; Evidencefrom the Panic of 1907," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 113008, Verein für Socialpolitik / German Economic Association.
    7. Jan Toporowski, 2000. "Monetary Policy in an Era of Capital Market Inflation," Macroeconomics 0004026, University Library of Munich, Germany.

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