Economic Forces is (self-consciously) a newsletter about price theory. Price theory is central to how we think about economics and analyze issues. Yet, up to this point, we haven’t written a newsletter on our most commonly asked question, “What is price theory?” We did a
I enjoyed Glen's piece and learned a lot. I think it is a helpful categorization/taxonomy of what exists in the literature. I really enjoy putting the papers into different categories and the example exam questions. But its really a different approach to ours. We are trying to clarify our approach instead of a bunch of literature. It's unfortunate that we both like the same term to mean different thing. There is also a difference in that ours is an education heavy approach which is always different from publishing research. Hope that helps.
It depends on the background in price theory. Basic Economics is a good one for most people. For econ students, Alchian and Allen's textbook has a free PDF on Liberty Fund. Mccloskey's applied theory of price has a free pdf. What's your background?
Hi, thanks for answering. I’m currently an econ student. I’ve finished all the microeconomics courses from my bachelors degree (I don’t study in the US). So i’m not looking for something that contains all the usual microeconomic theory, rather something that builds on it or adds something new. I guess one could describe my level in microeconomics as intermediate.
“The core idea to work through is about pricing. Get that first. Then we can differentiate what is true for all price setters and what questions and problems emerge due to differences in market structure.”
So how can I think about price formations without thinking about market structure. I thought of price formation and market determination as joint outcomes of this exchange process you talk about.
I’m curious what you guys think of Glen Weyl’s two papers with price theory in the title? This one is more general re price theory https://www.aeaweb.org/articles?id=10.1257/jel.20171321. And this one relates to a more specific situation https://www.aeaweb.org/articles?id=10.1257/aer.100.4.1642
I enjoyed Glen's piece and learned a lot. I think it is a helpful categorization/taxonomy of what exists in the literature. I really enjoy putting the papers into different categories and the example exam questions. But its really a different approach to ours. We are trying to clarify our approach instead of a bunch of literature. It's unfortunate that we both like the same term to mean different thing. There is also a difference in that ours is an education heavy approach which is always different from publishing research. Hope that helps.
Do you recommend any books or papers on price theory
It depends on the background in price theory. Basic Economics is a good one for most people. For econ students, Alchian and Allen's textbook has a free PDF on Liberty Fund. Mccloskey's applied theory of price has a free pdf. What's your background?
Hi, thanks for answering. I’m currently an econ student. I’ve finished all the microeconomics courses from my bachelors degree (I don’t study in the US). So i’m not looking for something that contains all the usual microeconomic theory, rather something that builds on it or adds something new. I guess one could describe my level in microeconomics as intermediate.
“The core idea to work through is about pricing. Get that first. Then we can differentiate what is true for all price setters and what questions and problems emerge due to differences in market structure.”
So how can I think about price formations without thinking about market structure. I thought of price formation and market determination as joint outcomes of this exchange process you talk about.
Very interesting stuff.