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Optimal Allocation of Resources

In: Elements of Neo-Walrasian Economics

Author

Listed:
  • Takashi Negishi

    (The Japan Academy
    The University of Tokyo)

Abstract

Up to now we have been concerned with the description and the analysis of how a market economy, composed of consumers and firms, actually behaves to allocate resources to produce products and to distribute incomes to be spent on them. Our study aims, of course, to consider basic principles of an abstract economy under ideal conditions rather than to describe the details of actual economies. However abstract it is, nevertheless, what we have studied is to be called the positive economics, since it is ultimately to be judged by facts. Ideal or perfect conditions are assumed merely from the point of view of the simplification of the consideration, and not meant to be desirable from some ethical point of view. Theory of perfect competition is, therefore, similar to the law of motion in vacuum.

Suggested Citation

  • Takashi Negishi, 2014. "Optimal Allocation of Resources," Advances in Japanese Business and Economics, in: Elements of Neo-Walrasian Economics, edition 127, chapter 0, pages 109-126, Springer.
    • Handle: RePEc:spr:advchp:978-4-431-54535-4_7
    DOI: 10.1007/978-4-431-54535-4_7
    as

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