An Enquiry into the Ideology and Reality of Market and by J. Lepper

By J. Lepper

Why do markets exist? How are they maintained? What are marketplace structures and the way are they shaped? This e-book addresses those primary questions and demanding situations the conventional view that markets and industry structures are 'natural', asserting instead that they're ideologically colored and of doubtful clinical worth.

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Associated with each pair is a price. Hence: E1 = { s2, d3 }; E2 = { s3, diii } Each event is associated with a Market price as follows: E1 : P or { s2, d3 } : P E2 : P or { s3, diii } : P Market Space and Market Time are synonymous with a set of Market prices; Market and Market price cannot be separated. Market is largely silent on the units in which P is expressed. Some definitions, in the neo-classical tradition, assert that price is always relative. This means that the price of a thing, action or idea is the quantity of another thing, action or idea which must be given up to obtain it.

If the price of a thing, action or idea rises relative to other prices, a number of signals are broadcast, which include: ● ● ● Suppliers of labour and capital find that they earn higher incomes in that Market and may seek to enter it; Suppliers already in Market may find that profits rise and so will try to supply more by using more labour and capital; and Demanders may try to find alternative commodities which cost less. Changes in relative prices, and the changes in incentives caused by them, move resources and incomes around Market systems.

The first, advanced by Smith, reasoned that the extent of Market limits the division of labour. In reverse, that argument suggests that, in a highly technological world, the extent of division of labour sets limits to Market. This might occur if competition is limited internationally because very few firms can attract the wherewithal to maintain Nature of Market 27 technological leadership. Hence, the extent of such Market is set by the cost structure and, by implication, the division of labour commanded by the leading firm.

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