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Differentiation And Continuity In The Market Economy

In: Austrian Economics and Entrepreneurial Studies

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  • G.B. Richardson

Abstract

The effective working of market economies is dependent, for reasons not fully recognised, on the existence, and on the relative stability, of differences in the capabilities of individual firms. General equilibrium theory abstracts from these circumstances and is therefore unable to explain how economic adjustment actually takes place; a proper appreciation of the role played by differentiation and continuity enables to do this and to assess the scope and limitations of the process.

Suggested Citation

  • G.B. Richardson, 2003. "Differentiation And Continuity In The Market Economy," Advances in Austrian Economics, in: Austrian Economics and Entrepreneurial Studies, pages 89-95, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:aaeczz:s1529-2134(03)06006-x
    DOI: 10.1016/S1529-2134(03)06006-X
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