Descriere & specificații

Contributor(s): Author: Armen A. Alchian Author: William R. Allen Editor: Jerry L. Jordan "No one has ever done price theory better than Alchian--that is, no one has ever excelled Alchian's ability to explain the reason, role, and nuances of prices, of competition, and of property rights. And only a precious few--I can count them on my fingers--have a claim for being considered to have done price theory as well as he did it." --Donald Boudreaux, George Mason University Universal Economics is a new work that builds on the foundation of its two predecessors, University Economics (1964, 1967, 1972) and Exchange and Production (1969, 1977, 1983). Collaborating again, Professors Alchian and Allen have written a fresh, final presentation of the analytical tools employed in the economic way of thinking. Universal Economics shows the critical importance of property rights to the existence and success of market economies. The authors explain the interconnection between goods prices and productive-asset prices and how market-determined interest rates bring about the allocation of resources toward the satisfaction of consumption demands versus saving/investment priorities. They show how the crucial role of prices in a market economy cannot be well understood without a firm grasp of the role of money in the modern world. The Alchian and Allen application of information and search-cost analysis to the subject of money, price determination, and inflation is unique in the teaching of econom