Does Price Theory Have a Future?

41 Pages Posted: 26 Oct 2023 Last revised: 12 Mar 2024

See all articles by Bryan Cutsinger

Bryan Cutsinger

Florida Atlantic University; American Institute for Economic Research

Alexander William Salter

Texas Tech University - Rawls College of Business; American Institute for Economic Research

Date Written: March 9, 2024

Abstract

Is the time right for a price theory revival? Recent prospects are encouraging, but there are significant challenges. We provide an overview of price-theoretic microeconomics, drawing on lessons from the Chicago, UCLA, and London-Vienna traditions. We also discuss contemporary scholarship about the place of price theory in economics education. Finally, we consider how to raise the relative status of price theory within the academy, which we view as a necessary but not sufficient condition for revitalizing price theory.

Keywords: Chicago, economics profession, graduate education, London, microeconomics, price theory, price system, property rights, rational choice, Vienna

JEL Classification: A10, A11, A23, B21, D01, P14

Suggested Citation

Cutsinger, Bryan and Salter, Alexander William, Does Price Theory Have a Future? (March 9, 2024). Free Market Institute Research Paper No. 4613078, Available at SSRN: https://ssrn.com/abstract=4613078 or http://dx.doi.org/10.2139/ssrn.4613078

Bryan Cutsinger (Contact Author)

Florida Atlantic University ( email )

Boca Raton, FL 33431
United States

American Institute for Economic Research ( email )

PO Box 1000
Great Barrington, MA 01230
United States

Alexander William Salter

Texas Tech University - Rawls College of Business ( email )

Lubbock, TX 79409
United States

HOME PAGE: http://awsalter.com

American Institute for Economic Research

PO Box 1000
Great Barrington, MA 01230
United States

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