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| Author: | Stiglitz, J. E. |
| Title: | The causes and consequences of the dependence of quality on price. |
| Journal: | Journal of Economic Literature
1987 : MAR, VOL. 25:1, p. 1-48 |
| Index terms: | PRICE THEORY PRODUCT INFORMATION QUALITY |
| Language: | eng |
| Abstract: | There is an attemption to show how similar ideas have found application in the analysis of labor, capital, and product markets. These models provide an explanation of several phenomena within there markets that cannot be easily explained within the more conventional paradigm such as (1) the law of supply and demand, (2) the law of the single price, (3) fundamental theorem of welfare economics. The models presented are for the most part static; it is imperative to develop an explicitly dynamic model if the theories outlined are to provide part of the foundations of a theory explaining cyclical fluctuations in employment. |
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