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Existence

In: Value

Author

Listed:
  • Michael Allingham

    (University of Kent)

Abstract

Given that equilibrium prices are generally accepted I now enquire whether such prices exist. This will be the case if there are always some prices at which all agents’ planned exchanges are compatible; if this were not the case then the theory of value would be empty. This question may be illustrated by an analogy. Assume that we propose to interpret the weight of a lead ball as the equilibrium length to which it extends some given spring when suspended from it, that is the length at which the downward force of gravity on the ball balances the upward force of the spring, and that we propose to explain the weight of a ball by its diameter. This theory of weight would be empty if there were no such equilibrium length, that is if at any length the force of gravity were either greater or smaller than that of the spring.

Suggested Citation

  • Michael Allingham, 1983. "Existence," Palgrave Macmillan Books, in: Value, chapter 7, pages 49-58, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17001-2_7
    DOI: 10.1007/978-1-349-17001-2_7
    as

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