Chapter

The Theory of Prices and Resource Allocation

Edmond Malinvaud

in Economics Beyond the Millennium

Published in print September 1999 | ISBN: 9780198292111
Published online November 2003 | e-ISBN: 9780191596537 | DOI: http://dx.doi.org/10.1093/0198292112.003.0003

Series: The ASSET Series

 The Theory of Prices and Resource Allocation

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Edmond Malinvaud takes the position, in this chapter, that rigorous analysis will continue to dominate economic theory and that various extensions are still possible without completely abandoning the standard theoretical framework. Nevertheless, he argues forcefully that models must be constantly tested against empirical data and that theory cannot develop in isolation.

Keywords: econometrics; efficiency; mathematics; prices; resource allocation

Chapter.  6770 words. 

Subjects: Macroeconomics and Monetary Economics

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