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Spring 2024

ISSN 0890-913X

Volume 39, Number 1

The Need for a Price Theory Revival

Bryan P. Cutsinger, Angelo State University

Alexander W. Salter, Texas Tech University

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BryanP.CutsingerandAlexanderW.Salter.“TheNeedforaPriceTheoryRevival”TheJournalofPrivateEnterprise39(1),2024,11-44.TheNeedforaPriceTheoryRevivalBryanP.CutsingerAngeloStateUniversityUnitedStatesofAmericaAlexanderW.SalterTexasTechUniversityUnitedStatesofAmericaAbstractIsthetimerightforaprice-theoryrevival?Recentprospectsareencouraging,buttherearesignificantchallenges.Weprovideanoverviewofprice-theoreticmicroeconomics,drawingonlessonsfromtheChicago,UCLA,andLondon-Viennatraditions.Wealsodiscusscontemporaryscholarshipabouttheplaceofpricetheoryineconomicseducation.Finally,weconsiderhowtoraisetherelativestatusofpricetheorywithintheacademy,whichweviewasanecessarybutnotsufficientconditionforrevitalizingpricetheory.JELCodes:A10,A11,A23,B21,D01,P14Keywords:Chicago,economicsprofession,graduateeducation,London,microeconomics,pricetheory,pricesystem,propertyrights,rationalchoice,ViennaI.IntroductionAlleconomicsystemsmustanswerthreequestions:(1)Whatgoodsandserviceswillbeproduced?(2)Howwillthesegoodsandservicesbeproduced?(3)Whogetsthegoodsandservicesoncetheyareproduced?Pricetheoryisthestudyofhowmarketeconomiesaddresstheseissues.Unsurprisingly,marketpricesplayacrucialrole.Studyinghowthepricesystemcoordinatesthedisparateplansofproducersandconsumersispricetheory’sessentialtask.Importantly,pricetheoryisexplanatoryratherthanhortatory.Whilecasualobservationandrigorousstudyconfirmtheeffectivenessofdecentralizedplanningcoordinatedbyrelativeprices,economicsisnotcommittedtothepositivepropositionthatpricebasedcoordinationfullysatisfiestheparticipantsinthemarketprocessnorthenormativepropositionthatprice-basedcoordination

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Title	The Need for a Price Theory Revival
Authors/Creators:	Bryan P. Cutsinger, Angelo State University Alexander W. Salter, Texas Tech University
Year:	2024
Volume:	39
Number:	1
Pages:	11 - 44
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles
Keywords:	Chicago, economics profession, graduate education, London, microeconomics, price theory, price system, property rights, rational choice, Vienna

Citation:
Cutsinger, Bryan P.; Salter, Alexander W. / 2024. "The Need for a Price Theory Revival." The Journal of Private Enterprise, 39(1): 11-44.