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A.-R.-J. Turgot on a General Market: Competition, Price and History

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  • José M. Menudo

    ()
    (Department of Economics, Universidad Pablo de Olavide)

Abstract

The purpose of this paper is to re-examine the notion of price determination in A.-R.-J. Turgot’s writings. Consideration is given to the evolution of the concept of market during the 18th century. It is argued that Turgot provided a model of multiple exchanges with merchants, called General market, in order to tackle economic problems, as is the market integration, price stability and the hoarding of capital. Further, we demonstrate how a uniform price, which is kept constantly, required that Turgot made use of theoretical tools from other disciplines.

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File URL: http://www.upo.es/serv/bib/wps/econ0707.pdf
File Function: First version, 2007
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Bibliographic Info

Paper provided by Universidad Pablo de Olavide, Department of Economics in its series Working Papers with number 07.07.

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Length: 26 pages
Date of creation: May 2007
Date of revision:
Handle: RePEc:pab:wpaper:07.07

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Keywords: Turgot; Equilibrium and Disequilibrium; price formation; Information and Knowledge.;

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  1. Brewer, Anthony A, 1987. "Turgot: Founder of Classical Economics," Economica, London School of Economics and Political Science, vol. 54(216), pages 417-28, November.
  2. Brian J. Loasby, 2001. "Time, knowledge and evolutionary dynamics: why connections matter," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 393-412.
  3. Guido Erreygers, 1989. "Turgot et le fondement subjectif de la valeur," Cahiers d'Économie Politique, Programme National Persée, vol. 16(1), pages 231-251.
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