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Introduction

In: Economics of Markets

Author

Listed:
  • Sabiou M. Inoua

    (Chapman University)

  • Vernon L. Smith

    (Chapman University)

Abstract

The implicit axiom of price-taking behavior opens the question of who or what is giving prices, to what purpose, how they are formed initially, and how they adjust in response to changes in the economic environment. The early neoclassical innovators, writing nearly one hundred years after Adam Smith, were primarily concerned with applying their new tools to modeling the structure of economic interdependence in a market economy and were content with simplifying assumptions they believed facilitated that objective.

Suggested Citation

  • Sabiou M. Inoua & Vernon L. Smith, 2022. "Introduction," Springer Books, in: Economics of Markets, chapter 0, pages 9-19, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-08428-7_2
    DOI: 10.1007/978-3-031-08428-7_2
    as

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