IDEAS home Printed from https://ideas.repec.org/a/hid/journl/v23y201513p39-58.html
   My bibliography  Save this article

Sir James Steuart on Double Competition and Market Stability

Author

Listed:
  • José M. Menudo

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

  • Ramón Tortajada

    (Université Grenoble Alpes - GREG)

Abstract

This work examines the theory of price determination in Sir James Steuart, with a particular focus on the problem of market stability. The paper proposes a scheme of analysis in keeping with a view of exchange significantly different from classical and neoclassical theories – Steuart’s framework does not abstract money, merchant or state; price determination mechanism is a structured process inside a monetary circulation system that ensures transactions between agents. This allows us to distinguish between a supply-demand market adjustment, called ‘balance of work and demand’, and a competitive mechanism called ‘double competition’. This is an essential step in order to understand why this particular mechanism of interdependence fails to maintain a stable price, and how the statesman recovers the stability.

Suggested Citation

  • José M. Menudo & Ramón Tortajada, 2015. "Sir James Steuart on Double Competition and Market Stability," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 23(1), pages 39-58.
  • Handle: RePEc:hid:journl:v:23:y:2015:1:3:p:39-58
    as

    Download full text from publisher

    File URL: http://www.libraweb.net/articoli.php?chiave=201506101&rivista=61
    Download Restriction: Access to full text is restricted to subscribers

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hid:journl:v:23:y:2015:1:3:p:39-58. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Mario Aldo Cedrini). General contact details of provider: http://www.libraweb.net .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.