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Relative Prices-Methods and Constraints in Forecasting: Some Empirical Considerations

In: The Economics of Relative Prices

Author

Listed:
  • G. F. Ray

    (National Institute of Economic and Social Research)

Abstract

In an economy in which markets are permitted to work without intervention, the decisions taken by individual or corporate buyers and sellers are determined, co-ordinated and made consistent with each other by movements in prices. This mechanism-the price system-causes the price of a commodity to rise if demand exceeds supply (if buyers wish to purchase more than sellers wish to, or can, supply); in the case of an oversupply, the effect is the opposite: the price will fall-until, at some particular price, the quantities to be purchased and sold are equal.

Suggested Citation

  • G. F. Ray, 1984. "Relative Prices-Methods and Constraints in Forecasting: Some Empirical Considerations," International Economic Association Series, in: Béla Csikós-Nagy & Douglas Hague & Graham Hall (ed.), The Economics of Relative Prices, chapter 4, pages 89-116, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-06265-2_4
    DOI: 10.1007/978-1-349-06265-2_4
    as

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