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Price theory as prophylactic against popular fallacies

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  • BOETTKE, PETER J.
  • CANDELA, ROSOLINO A.

Abstract

The articles collected in Chicago Price Theory illustrate elements of continuity and change in the development of the Chicago School of Economics. The editors stress a continuity in the Chicago tradition that runs from Frank Knight to Gary Becker. Our contribution in this essay is to emphasize the discontinuity in the evolution of the Chicago price theory tradition. We argue that a logical continuity runs not from the Knight/Viner/Simons generation to the Friedman/Stigler/Becker generation, but to a branch of the Chicago tradition best exemplified by the Alchian/Buchanan/Coase generation of Chicago price theory. The continuity we stress is understanding price theory as a study of market adjustment and adaptation under alternative institutional arrangements.

Suggested Citation

  • Boettke, Peter J. & Candela, Rosolino A., 2017. "Price theory as prophylactic against popular fallacies," Journal of Institutional Economics, Cambridge University Press, vol. 13(3), pages 725-752, September.
    • Handle: RePEc:cup:jinsec:v:13:y:2017:i:03:p:725-752_00
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    Cited by:

    1. Meina Cai & Ilia Murtazashvili & Jennifer Murtazashvili & Raufhon Salahodjaev, 2020. "Individualism and governance of the commons," Public Choice, Springer, vol. 184(1), pages 175-195, July.
    2. Alain Marciano, 2023. "Teaching economics, defending the free market and justifying government intervention: The ABCs of Buchanan’s political economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(3), pages 441-460, September.
    3. Peter J. Boettke & Rosolino A. Candela, 2020. "Where Chicago meets London: James M. Buchanan, Virginia Political Economy, and cost theory," Public Choice, Springer, vol. 183(3), pages 287-302, June.
    4. Qiu, Tongwei & Zhang, Danru & Choy, S.T. Boris & Luo, Biliang, 2021. "The interaction between informal and formal institutions: A case study of private land property rights in rural China," Economic Analysis and Policy, Elsevier, vol. 72(C), pages 578-591.
    5. Caleb S. Fuller, 2019. "Is the market for digital privacy a failure?," Public Choice, Springer, vol. 180(3), pages 353-381, September.
    6. Victor I. Espinosa & Miguel A. Alonso Neira & Jesús Huerta de Soto, 2021. "Principles of Sustainable Economic Growth and Development: A Call to Action in a Post-COVID-19 World," Sustainability, MDPI, vol. 13(23), pages 1-14, November.
    7. Bryan P. Cutsinger & Alexander W. Salter, 2024. "The Need for a Price Theory Revival," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 39(Spring 20), pages 11-44.
    8. Victor I. Espinosa & José Antonio Peña-Ramos & Fátima Recuero-López, 2021. "The Political Economy of Rent-Seeking: Evidence from Spain’s Support Policies for Renewable Energy," Energies, MDPI, vol. 14(14), pages 1-16, July.
    9. Daniel J. Smith, 2023. "Austrian economics as a relevant research program," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(4), pages 501-514, December.
    10. Tongwei Qiu & Xianlei Ma & Biliang Luo, 2022. "Are private property rights better? evidence from the marketization of land rentals in rural China," Economic Change and Restructuring, Springer, vol. 55(2), pages 875-902, May.
    11. Marciano, Alain, 2024. "Review of “Milton Friedman. The Last Conservative” by Jennifer Burns," SocArXiv rj5td, Center for Open Science.
    12. Ute Schmiel & Hendrik Sander, 2022. "What are markets? Selected market theories under genuine uncertainty in comparison," Journal of Evolutionary Economics, Springer, vol. 32(1), pages 9-33, January.
    13. Marek Hudik, 2019. "Two interpretations of the rational choice theory and the relevance of behavioral critique," Rationality and Society, , vol. 31(4), pages 464-489, November.
    14. William Hongsong Wang & Victor I. Espinosa & José Antonio Peña-Ramos, 2021. "Private Property Rights, Dynamic Efficiency and Economic Development: An Austrian Reply to Neo-Marxist Scholars Nieto and Mateo on Cyber-Communism and Market Process," Economies, MDPI, vol. 9(4), pages 1-17, November.
    15. Peter J. Boettke & Rosolino A. Candela, 2020. "The Austrian School of Economics: A view from London," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 69-85, March.

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