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The Concept of Normal Price in Value and Distribution

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  • F. H. Knight

Abstract

"Primary" value theory and distributive theory call for the same formulation of the market price concept but for different conceptions of normal price, 66. — Contrast of market price and normal price points of view, equilibrium between amounts vs. between rates of flow, 68. — Limitations; meaning of cost of production, 72. — Clark's "Static State" the same concept as Marshall's long-period normal price of consumption goods, but incorrectly applied to distribution, 73. — This concept applicable in "sub-distribution," which is practically more important than the theorist's division of income into general shares, 84. — Criticism of Marshall's equilibrium levels of wages and interest, 89. — Conclusion: Marshall's theory a correct logical definition, but applicable to reality only as determining a "tendency" which may be overcome by other tendencies; contrast with Clark; contrast with Mill, 95.

Suggested Citation

  • F. H. Knight, 1917. "The Concept of Normal Price in Value and Distribution," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 32(1), pages 66-100.
    • Handle: RePEc:oup:qjecon:v:32:y:1917:i:1:p:66-100.
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    File URL: http://hdl.handle.net/10.2307/1885079
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    Cited by:

    1. Luca Fiorito, 2015. "A Certain Amount of ‘Recantation'. On the Origins of Frank H. Knight’s Antipositivism," Department of Economics University of Siena 705, Department of Economics, University of Siena.

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