Neoclassical Price Theory, Institutions, and the Evolution of Securities Market Organisation
AbstractDespite differences in their price theories, both Alfred Marshall and Leon Walras explicitly patterned their analyses on an existing institution--the stock exchange. Analysis from this point of view notes that the dissimilarity may be explained by the diverse organization of their respective national stock markets. It also exposes similarity in their treatment of time and information. This analysis is then used to answer the question of whether there is a natural evolution towards an optimal market organization by reference to the historical evolution of the New York and London stock markets. Copyright 1995 by Royal Economic Society.
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Bibliographic InfoArticle provided by Royal Economic Society in its journal The Economic Journal.
Volume (Year): 105 (1995)
Issue (Month): 429 (March)
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- Todd Smith, R., 2001. "Price volatility, welfare, and trading hours in asset markets," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 479-503, March.
- Jan Toporowski, 2000. "Monetary Policy in an Era of Capital Market Inflation," Macroeconomics 0004026, EconWPA.
- Dimitri B. Papadimitriou & L. Randall Wray, 1999.
"Minsky's Analysis of Financial Capitalism,"
Economics Working Paper Archive
wp_275, Levy Economics Institute.
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