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Society

In: Value

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  • Michael Allingham

    (University of Kent)

Abstract

Given the nature of commodities and agents I now enquire whether society as a whole accepts the market mechanism. This will only be the case if the allocation of commodities which society as a whole receives under the market mechanism is better, in some sense, than any other possible allocation. This is a first requirement for equilibrium prices to be relevant.

Suggested Citation

  • Michael Allingham, 1983. "Society," Palgrave Macmillan Books, in: Value, chapter 4, pages 21-31, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17001-2_4
    DOI: 10.1007/978-1-349-17001-2_4
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